Abu Dhabi-listed Watania says majority shareholders to sell stakes

the majority shareholders of the Abu Dhabi-listed Islamic insurer agreed to sell stakes to strategic investors from the GCC. (Photo courtesty: Takaful)

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.


Last Update: Wednesday, 20 May 2020 KSA 09:44 - GMT 06:44