Investment opportunity in UAE Takaful Sector (AL MADINA TAKAFUL )
Al Madina Insurance Company SAOG received approval from Securities and Commodities Authority (Federal Public Authority), Abu Dhabi UAE on 25th August 2014 to buy 9.53% (14,303,596 shares) of National Takaful Company (Watania), an Abu Dhabi based publicly listed Takaful Company, for a total consideration of AED 17,879,495.
MB UAE Investments LLC, (100% owned by the shareholders of MB Holding Company LLC- Sultanate of Oman) has also received approval to buy 51% of Watania.
This is to note that the expiry date for the purchase period is set at 24/02/2015.
This is a strategic investment which Al Madina Insurance Company SAOG is planning to make along with MB Holding Company LLC - Sultanate of Oman.
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