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Tue 26 Aug 2014 11:04 AM

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UAE regulator approves 60.53 percent stake sale in Abu Dhabi's Watania

MB UAE Investments and Al Madina Insurance to buy the shares

UAE regulator approves 60.53 percent stake sale in Abu Dhabi's Watania

Abu Dhabi-listed Islamic insurer National Takaful Co (Watania) said on Tuesday that United Arab Emirates regulators had approved the sale of 60.53 percent of the firm to MB UAE Investments and an affiliate of MB.

In a bourse filing, Watania said MB UAE Investments would acquire 51 percent and Al Madina Insurance Co would take 9.53 percent. The group would buy a total of 90.8 million shares.

The deadline for the purchase is next Feb. 24, Watania said in the statement, noting that the regulatory approval did not constitute a commitment by the buyers to actually execute the deal. It did not give details such as the purchase price or who would sell the shares.

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