Please wait...
GulfBase Live Support
- China's Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion
- IMF lowers Oman's GDP growth forecast to 2.3% for 2025
- Bahrain All Share Index, Islamic Index close lower
- Gulf Bank issues its fifth Annual Sustainability Report for 2024
- BRICS ministers meet in Brazil over Trump trade policies
- Continuing excellence and driving innovation key pillars of NBK's success: Shaikha Al-Bahar
- Borouge to boost production capacity to 6.6m tonnes
- Bitcoin surges back above $95,000 as institutional interest & economic uncertainty drive growth
- Qatar Stock Exchange index rises by 12.86 points at start of trading
- World-scale Dukhan solar power plant to become operational by 2029: Al-Kaabi
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 |
|---|
29/04/2025
China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing ot
Asharq Al Awsat
29/04/2025
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled "From Vision to Execution", highlighting the Bank's advancements in sustainability in line with Kuwa
Kuwait Times
29/04/2025
In an interview with CNBC International, Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) affirmed the Group's commitment to maintaining excellence and fosterin
Kuwait Times
29/04/2025
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITD
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia