Doha-Mubasher: Qatar General Insurance and Reinsurance Co. (QGIRC) is one step closer towards acquiring Orientals Enterprises Company after the company announced on Tuesday that it has obtained the necessary approvals from the Qatari government to take over the subsidiary of the Investment Holding Group, according to a filing to Qatar Stock Exchange.

QGIRC is already working on modifying the acquiree’s commercial registration and articles of association to comply with the authorities’ requirements, the bourse statement said.

The company reported a 64.9% surge in profits to QAR 78 million during the first quarter of 2015, compared to QAR 47.3 million in the same period of 2014.