Regulator approves Watania's 60.53% stake sale

Abu Dhabi-listed Islamic insurer National Takaful Co. (Watania) said on Tuesday that UAE regulators had approved the sale of 60.53 per cent of the firm to MB UAE Investments and an affiliate of MB.

In a bourse filing, 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 February 24, 2015, 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.

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.

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