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Warba Insurance Co KSC Repurchases Own Shares From Kuwait International Bank KSC and Divests Shares in Ritaj Takaful Insurance Company KSCC


Wednesday, 13 Mar 2013 05:08am EDT 

Kuwait International Bank KSC (KIB) announced that it plans to swap shares in Warba Insurance Co KSC (Warba), given they are not complying with Sharia, with shares of Ritaj Takaful Insurance Company KSCC. Warba will buy KIB's 8.56% stake in Warba as treasury shares. After completing the deal, KIB's stake in Ritaj Takaful Insurance Company will increase from 40% to 73.6%, thus turning it from associate to subsidiary. 

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