UAE-based Islamic insurer says majority shareholders to sell stakes

Abu Dhabi-listed National Takaful Company says deal is subject to regulatory approvals
UAE-based Islamic insurer says majority shareholders to sell stakes
By Reuters
Sun 27 Jul 2014 02:48 PM

Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said on Sunday its majority shareholders had agreed to sell stakes to strategic investors from the Gulf region, but did not name the selling or buying parties.

In a short bourse filing, Watania said the deal was subject to regulatory approvals. It did not disclose the value of the deal, nor the size of the stake being sold.

Among Watania's shareholders are Abu Dhabi Investment Council, Ajman Bank and Abu Dhabi National Insurance Co, all with around 15.75 percent of the firm.

It is the second acquisition announcement in the last week involving an Abu Dhabi-listed insurer, with National Bank of Ras Al Khaimah saying on Thursday it was looking to acquire a majority stake in Ras Al Khaimah National Insurance Co for an undisclosed sum.

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