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The General Arab Insurance Foundation agrees to raise its capital to 2.5 million dinars

2007-07-01

The General Arab Insurance Foundation agrees to raise its capital to 2.5 million dinars  

The Public Authority for the Arab Insurance Foundation held four consecutive meetings in Nablus yesterday. The meeting regarded the discussion of the financial results for the years 2003-2006 and unusual fifth meeting by the body to raise the company’s capital from 1 million JOD to 2.5 million JOD. The amendments in the rules of procedure of the company were approved. The company board chairman Walid Alaloul stated that the company had just started recovering from the crisis experienced during the past years and therefore pledged to go beyond all obstacles and dilemmas they faced, making this year the beginning of a new start for the company. Those who participated in the meetings, with the presence and participation of companies in the Ministry of Economy with Ali Ghnem , Khalil Alhaj Ali Superintendent of Insurance, Tarid Adisi General Manager of the Company, Ziad Anabtawi Chairman of the Executive Committee of the Governing Council, Nader Dijani member of the High Counsel of the Company’s Department , Samir Alkakhen Director of the Center for deposits and transfers of Palestine in the PSE,members of the company’s board, and a representative of the company Saba, which checked the financial accounts of the company and the number of shareholders. Ghnem began with the observation of the corporate meeting of the Assembly declaring a quorum of participation of 8.53% of the company’s shareholders .Dijani noted the arrangement of proposed amendments to improve the performance of the company and those associated with modern occupational classifications and also pointing out the most important amendments before the extraordinary general associated with the inclining of 500 to 5000 shares .This will contribute to making the work motivation and diligence on the company higher by members of the council. He pointed to raise the company’s capital to 2.5million JOD as part of the gradual process completed by the year 2008 to make raise the company’s capital to 8million USD, in accordance to procedure rules of the company. This allowing the creation of a special department to operate according to Islamic Sharia. Alaloul revealed the march of the company and its performance .He noted that the company was able to lift sales significantly over the past years, up to about 6.21 million NIS last year. The company incurred losses in 2003 amounting to about 10.6 million NIS, in the past year 2006 it had achieved 215 thousand NIS after taxes, and the total assets of 129.6 million NIS . Anabtawi reviewed and consolidated the report on the company’s performance over the past 4years (2003-2006), pointing out the company has incurred losses in the period referred to management of the national authority in the year 1998.Anabtawi held the National Authority responsibility for losses incurred by the company during the period of administration by the designated authority. He explained that the Arab Insurance incurred losses in excess of 25 million shekels during the period of 1999-2004 demanding the payment of these losses for the period. He explained that the company had started recovering and advancing, and is expecting the value of the company’s sales to be about 30 million NIS . (Which is twice as much as last year).The delegate company Saba offered 4 financial reports on the company’s performance and financial position during the past for years. The auditor is a set of observations associated with the performance of the company during those years, but it was confirmed that the company had exceeded most of the decline in the number of observations from 12 observations in the report for the year 2003 to 4 remarks in the last financial year. He pledged the company’s board to obtain certifications directly on the condition of stock reinsures, and the company suffering from shortage of work capital due to the increase of liabilities traded at 24.8 million NIS on the assets of the end of the year. The assembly ratified the company’s reports to the Governing council and auditor. Therefore, discharged are by the current governing council approving the appointment of Zaid Anabtawi and Nader Dijani of the governing council as replacements for two of the council members that have past away. The General Manager of the company Tareq Aldisi called upon the company’s shareholders to support the company, rushing to meet the increased capital, pointing out that the company is capable of dealing with financial distress experienced before and has become a new start.