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Watania said MB UAE Investments would acquire 51% and Al Madina Insurance Co would take 9.53% ReutersPublished: 18:39 August 26, 2014Gulf News
27/08/2014 00:17 AST
Abu Dhabi-listed Islamic insurer National Takaful Co (Watania) said on Tuesday that United Arab Emirates regulators had approved the sale of 60.53 per cent of the firm to MB UAE Investments and an affiliate of MB.
Watania said MB UAE Investments would acquire 51 per cent and Al Madina Insurance Co would take 9.53 per cent. 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.
In a separate filing on the Oman bourse, however, Al Madina said it would buy 14.3 million Watania shares for Dh17.88 million ($4.87 million), implying it would pay Dh1.25 per share.
Watania's shares jumped 13.9 per cent to Dh1.23 in morning trade.
The company said in July that its majority shareholders had agreed to sell stakes to strategic investors from the Gulf. 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.
Separately, National Bank of Ras Al Khaimah (RAKBank) is buying a majority stake in Abu Dhabi-listed insurer Ras Al Khaimah National Insurance Co for Dh3.64 per share, it was announced earlier this month.
Reuters
07/03/2018
National Takaful Company (Watania) posted a net profit of Dh7.6 million for 2017 compared to Dh400,000 in 2016 with return on equity of 9 per cent, the firm said on Tuesday in a statement.
Gulf News
13/08/2017
UAE-based National Takaful Company (Watania) has posted total profits of Dh2.7 million ($735,000) for the second quarter of the year as against a deficit Dh1.5 million a year before, marking a growth
Trade Arabia
23/03/2015
A.M. Best has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of National Takaful Company (Watania) PJSC (Watania) (United Arab Emirates). The outlook for b
CPI Financial
| Ticker | Price | Volume |
|---|---|---|
| RIBL | 29.65 | 2,130,721 |
| ALDREES | 141.40 | 522,113 |
| EIC.ADX | 7.95 | 0 |
| GULFUNIONALAHLIA | 17.40 | 234,780 |
| ALBABTAIN | 44.20 | 361,872 |
| MUTAKAMELA | 19.42 | 2,022,103 |
| GULFGENERAL | 12.60 | 644,067 |
| Ticker | Price | Change |
|---|---|---|
| BURGERIZZR | 12.50 | -0.50 (-3.85 |
| ALMUTAHED | 0.00 | 0.00 (0.00 |
| ALMAL | 0.00 | 0.00 (0.00 |
| ALAMAN | 0.00 | 0.00 (0.00 |
| MASSALEH | 0.00 | 0.00 (0.00 |
06/02/2025
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Arab News
05/02/2025
Al Rajhi Bank, a pioneer in innovative banking solutions in Saudi Arabia, has announced a strategic partnership with RATL Technology, the owner of Muhide fintech platform, to digitally empower and fi
Saudi Gazette
14/09/2024
RIYADH: Saudi master developer Emaar The Economic City's SR8.7 billion ($2.32 billion) capital optimization plan is a "strategic response" to its current financial challenges, according to its CEO. <
Saudi Gazette
12/09/2024
Saudi wheat flour producer Arabian Mills for Food Products Co. has set its final initial public offering price at SR66 ($17.59) per share on the Tadawul main market. During the book-building proces
Arab News
04/05/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
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