Arab Orient Takaful to Pump EGP 20 mln Paid Up Capital Increase

 The Arab Orient Takaful Insurance Company is considering to pump EGP 20 million increasing for its paid up capital, said Mohamed Akef, deputy executive director of financial and administrative affairs of the company.

Akef has emphasized in an exclusive to Amwal Al Ghad that the paid up capital of Arab Orient reached EGP 50 million, while the issued capital up EGP 100 million, noting that the company is planning to complete it within the coming 5 years.

It is scheduled for the General Assembly of the company to hold its annual meeting in order to study the budget of the last fiscal year of 2012-2013 by the end of October, compared to EGP 1.544 million in June 2012, recording 950.7% growth rate.

Akef has emphasized that his company achieved insurance activity surplus reached EGP 1.166 million in the last fiscal year, compared to EGP 2.883 million in the last June, recording 147.3% decline, explaining that the net income of consumers up EGP 16.224 million FY12/13, against EGP1.544 million in June 2012, achieving 950.7%.