Continuing on from the topic on DNIR foreign ownership started in March 2006 (these things don't move fast )...
The BOD meeting on 04 February 2008 proposed an EGM to approve a foreign ownership limit (I hadn't posted it earlier). Note that Dubai National Insurance and Reinsurance (DNIR) is different from Dubai Islamic Insurance (AMAN), and Dubai Insurance Company (DIN) - see UAE insurance companies for more about the insurance sector.
DFM 17 March 2008:
(DNIR) Dubai National Insurance announces the results of its BOD meeting held on 04/02/08 including suggested proposal.
The EGM yesterday approved a 25% foreign ownership limit. Presumably for all nationals since they already approved foreign ownership for GCC nationals. But don't rush out just yet, it still has to be approved by ESCA ...
DFM 17 March 2008:
(DNIR) 17/03/2008 Dubai National Insurance and Reinsurance announces the resolutions of its AGM & EGM held on 16/03/2008
DNIR 16 March 2008:
...
The Extra Ordinary General Meeting
1- Approved the Board of Directors' proposal to amend the Articles of Association of the company to allow foreigners to hold the company shares up to a maximum of 25% of the Capital, this will be applied effective from the date of the resolution approval by H.E. The Minister of Economy.
Ramez Abou Zaid
Vice President
Legal and Administration
Well, that only took a month and a half. So maybe from today, foreigners can buy (DNIR) shares.
DNIR 2007 FY results showed a 19% increase in profit. No results for 2008 Q1 seen yet. Some data (based on share price 17 April 2008, and financial statements 07FY):
PE (based on 07FY earnings) of about 10.8 - high for a UAE insurance company, low compared to market average about 15.
PBV of about 0.9 - unusual to see a PBV less than 1. Makes shares look cheap.
ROE about 8.3% - not spectacular, most DFM listed companies are better than that.
Dividend Yield about 9.0% - now that's worth looking at, very few companies have a yield that high. However, it's too late for 2007 - record date was 26 March 2008. And who knows what it will be next year ?
DNIR 29 April 2008:
Subject: Allowing Foreigners To Hold The Company Shares
In view of the resolution of the Extra Ordinary General Meeting held on 16th March 2008 in respect of allowing foreigners to hold the company shares, please be informed that H.E. Minister of Economy had issued the resolution No. 267/2008 to approve the amendment of article No. 6 of the company article of association to be as follows:-
1. The capital of the company is AED One Hundred Million divided into One Hundred Million Shares of AED One each, all being cash shares and fully paid.
2. Holding and Trading of company shares is limited on UAE Nationals only but it will be allowed for GCC Nationals up to a maximum of 30% of the capital and for the foreigners up to a maximum of 25% of the Capital.
In view of the above, kindly take the necessary action to acivate this resolution with immediate effect.
Best regards.
Ramez Abou Zaid
Vice president
Legal and Administration
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
Disclaimer: Investing in stocks is risky, you can lose some or all of your money and/or other assets. Anything you read on this site should be regarded as the opinion of the author only and is not to be taken as advice to buy, sell, or hold stocks and/or any other investments. Seek professional advice and do your due diligence before making investment decisions. In particular, do not assume anything you read on this site is correct or accurate. You should accept that only you can be responsible for any investing decisions you make.
2008 FY
FAQ
Search
Print-friendly
Profile
Private messages
Register
Log in
)...
?
