News Column

Green light for 60pc share sale of insurer

August 31, 2014

ABU DHABI-LISTED Islamic insurer National Takaful Company (Watania) said that UAE regulators had approved the sale of 60.53 per cent of the firm to MB UAE Investments and an affiliate of MB.Watania said MB UAE Investments would acquire 51 per cent and Al Madina Insurance Company would take 9.53 per cent. The group would buy a total of 90.8 million shares.

The deadline for the purchase is 24 February 2015, Watania said, noting that the regulatory approval did not constitute a commitment by the buyers to execute the deal. It gave no details such as the purchase price or who would sell the shares. In a separate filing on the Oman bourse, however, Al Madina said it would buy 14.3 million Watania shares for Dhs17.88 million ($4.87 million), implying it would pay Dhs1.25 per share.

The company said in July that its majority shareholders had agreed to sell stakes to strategic investors from the Gulf. Among Watania's current shareholders are Abu Dhabi Investment Council, Ajman Bank and Abu Dhabi National Insurance Company.

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Source: Gulf, The (Bahrain)

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