Watania wins approval for 60.53pc stake sale
Abu Dhabi, August 26, 2014
Abu Dhabi-listed Islamic insurer National Takaful Company (Watania) said on Tuesday that UAE 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 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 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.
Among Watania's current shareholders are Abu Dhabi Investment Council, Ajman Bank and Abu Dhabi National Insurance Co, all with around 15.75 per cent of the firm.