News Column

Majority shareholders selling out of Watania

July 31, 2014

National Takaful Company (Watania) revealed in a brief filing to the Abu Dhabi Securities Exchange on 27 July that its majority shareholders had made a binding agreement to sell stakes to 'strategic investors' from the Gulf region.

The statement to the ADX did not elaborate on the size of the stakes being sold or on the names of the buying/selling parties. No value has been put on the deal, which is subject to regulatory approvals.

Watania's four largest shareholders currently are: Ajman Bank (15.75 per cent), Abu Dhabi National Insurance Company (15.74 per cent), Abu Dhabi National Islamic Finance (15.74 per cent) and Kuwaiti group First Qatar Real Estate Development Company (10.34 per cent).

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Source: CPI Financial

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