DUBAI: Abu Dhabi-listed Islamic insurer National Takaful Co (Watania) said yesterday 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.
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 February 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.
In a separate filing on the Oman bourse, however, Al Madina said it would buy 14.3 million Watania shares for Dh17.88m ($4.87m), implying it would pay Dh1.25 per share.
Reuters
