“Tamkeen Insurance” Holds Its Extraordinary General Assembly Meeting
The “General Assembly” Approves the Distribution of Free Shares Amounting to 4% of the Paid-up Capital
“Tamkeen Insurance” Holds Its Extraordinary General Assembly Meeting
Ramallah- The General Assembly of Tamkeen Palestinian Insurance Company held its extraordinary meeting on Monday, July 31, 2023, at the company’s headquarters in Ramallah. The meeting was in the presence of Mr. Samir Halileh, Chairman of the Palestine Stock Exchange, Mr. Ayman Al- Sabbah, Director of the General Administration of Insurance at the Capital Market Authority, Mr. Bilal Katana, representative of the Companies Controller, and Dr. Hossam Al-Deen Afana, President of the Shariah Supervisory Board. Also present were Mr. Muath Haj Ali, External Auditor from “Deloitte & Touche” for the year 2022, and Mr. Yahya Shannar, Chairman of the Board of the Orphans’ Funds Management and Development Foundation, along with other members of the Board of Directors of the company. The executive management was presented by Mr. Mohammed Al-Rimawi, the General Manager of the company.
After the representative of the Companies Controller announced that the legal quorum has been met with a percentage of 85.89%, the meeting was opened by his Excellency, Dr. Majid Atta Al-Halou- Chairman of the Board of Directors, welcoming the attendees and highlighting the importance of the meeting, which comes as a result of the Board of Directors’ recommendation to distribute profits to the esteemed shareholders at a rate of 8% of the paid-up capital for the fiscal year 2022, (4)% in cash, which was approved during the regular General Assembly meeting last April, and (4)% in the form of free shares. The distribution of the free shares requires an extraordinary General Assembly meeting to approve it, considering its impact on the increase of the company’s capital.
The meeting, according to the agenda, included approving the Board of Directors’ recommendation regarding the distribution of profits (in the form of free shares) for the fiscal year 2022 at a rate of 4% of the paid-up capital. Additionally, it was agreed to increase the company’s capital from 12,000,000 US dollars to 12,480,000 US dollars, divided into 12,480,000 shares with a nominal value of one US dollar per share.
Dr. Majid Atta Al-Halou, Chairman of the Board of Directors, also highlighted the company’s achievements across various aspects during the current year. In the first quarter of the current year, the company achieved a growth rate of 12% in sales and a growth rate of 29% in profits. Additionally, the company launched quality insurance services and solutions, particularly microinsurance services that cater to the needs of individuals with limited income within the Palestinian community. These services are characterized by their comprehensive coverage, affordable insurance premiums, and include programs like the “My Education” insurance program to secure educational expenses, the “My Family” insurance program to ensure income continuity, and the “My Bills” insurance program to cover regular financial obligations.
Furthermore, the company expanded its medical network services to include the Hashemite Kingdom of Jordan, which is the first of its kind in the Palestinian insurance sector. This service allows beneficiaries of the health insurance card to access healthcare services in Jordan.
Moreover, Dr. Majid Atta Al-Halou emphasized that Tamkeen Insurance is the first Palestinian insurance company to disclose its financial data for the first quarter of the current year 2023 in accordance with the International Financial Standard (IFRS17).
On his part, Mr. Mohammed Al-Rimawi, the General Manager of the company, added, “we take pride in the series of successes and significant milestones we have achieved over the past five years, starting from the establishment phase, through the launch of services across our branches, offices, and agents to the increase in capital and listing on the Palestine Stock Exchange. Recently, we have introduced quality insurance services and solutions, and today, for the first time, we are distributing free shares alongside cash dividends.”
He further stated, “This drives us to expand our horizons and aspirations, creating a commitment towards both shareholders and the public, to ensure that Tamkeen Insurance maintains its distinction and leadership on all fronts.”