The Abu Dhabi-listed National Takaful Co. (Watania) announced the completion of a deal, whereby MB UAE Investments, an MB Holding subsidiary, and Oman’s Al Madina Insurance Company have bought 61.118% of Watania’s stocks.

The Securities and Commodities Authority (SCA) had approved, at the end of August 2014, MB UAE’s offer to purchase 90.8 million shares amounting to 61.11% of Watania’s capital, according to the statement made to the Abu Dhabi Securities Exchange (ADX).

MB UAE has acquired 51% of the Company’s stocks after buying 76.500 million shares, while Al Madina Insurance acquired 9.53% amounting to 14.3 million shares in Watania for AED 17.88 million, at a par value of AED 1.25 per share.