Dubai Investments has announced that it has made an offer to shareholders of National General Insurance Company (NGI) to acquire all or part of their shares in the company.
In a filing to Dubai Financial Market, Dubai Investments said the offer period will be 15 days from Wednesday December 29, ending at the close of trading on January 19.
It added that the offer price is AED3.12 for each NGI share.
In July, Dubai Investments said it acquired an additional 15.19 percent share of NGI from Emirates NBD.
The aggregate ownership reached 45.18 percent, following the earlier acquisition of 21.53 percent acquired through Dubai Financial Market’s direct deal mechanism and the existing shares held by Dubai Investments of 8.46 percent.
The acquisition of the additional stake further strengthens the company’s presence within the insurance sector, Dubai Investments said in a statement at the time.
NGI, which is listed on the Dubai Financial Market, is a specialist in underwriting and claims and its product portfolio includes motor, medical, travel, home, personal accident and life insurance.
Dubai Investments, also listed on the Dubai Financial Market, has a paid-up capital of AED4.25 billion and has interests in key sectors including construction and building materials, real estate, manufacturing and industrial, healthcare, education and financial across the UAE and the Middle East.
Follow us on
