(Adds purchase price from Oman bourse filing, stock move)
DUBAI Aug 26 Abu Dhabi-listed Islamic insurer
National Takaful Co (Watania) said on Tuesday that
United Arab Emirates regulators had approved the sale of 60.53
percent of the firm to MB UAE Investments and an affiliate of
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 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 17.88 million
dirhams ($4.87 million), implying it would pay 1.25 dirhams per
Watania's shares jumped 13.9 percent to 1.23 dirhams in
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 percent 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 3.64 dirhams
per share, it was announced earlier this month.
(1 US dollar = 3.6730 United Arab Emirates dirham)
(Reporting by Praveen Menon; Editing by Andrew Torchia)