OTC 1013 Gulf Takaful Insurance Company, as the issuer, and Kuwait Financial Centre (Markaz), as the lead manager and subscription agent, jointly announced the successful completion of the company's capital increase process. The total capital raised was KWD 7 million, through the issuance of 70,286,789 ordinary shares at an offering price of 100 Fils per share, representing 70% of the company’s total issued and paid-up capital.

Mubarak Othman Al-Ayyar, CEO of Gulf Takaful Insurance, expressed his satisfaction with the successful subscription process, which he said reflects shareholder confidence in the quality and performance of the company. He praised the professional handling of the subscription by Markaz, stating:

“The subscription process fulfilled all the necessary regulatory requirements for issuing the shares. The proceeds will be directed toward strengthening the company’s solvency margin, in line with current regulatory requirements. The funds will also support the company’s expansion strategy, general objectives, and continued growth in the local and regional Takaful insurance markets.”

Al-Ayyar also acknowledged the vital role played by various regulatory bodies, including the Insurance Regulatory Unit, the Ministry of Commerce and Industry, the Capital Markets Authority, and the Kuwait Clearing Company, in ensuring the success of the capital increase.

He extended special thanks to the Markaz team for their professionalism and coordination throughout all phases of the subscription.

Commenting on the occasion, Markaz CEO, Ali Hasan Khalil, said: “We are proud to have played a key role in the success of this capital increase as the lead manager and subscription agent. This reflects our ongoing commitment to supporting our clients' strategic development goals. We leveraged our extensive expertise in capital markets and our highly skilled teams to ensure the subscription process met the highest professional and regulatory standards.

He also thanked Gulf Takaful Insurance for its trust in Markaz’s ability to manage the capital increase, stating that:

“This achievement reflects the strength of our partnership and enhances our reputation as a trusted partner in the investment banking sector.”