Al-Etihad Cooperative Insurance Company announces the receipt of notification from one of the major shareholders for the transfer of its shares to other shareholders, including one of the major shareholders.
| Element List | Explanation |
|---|---|
| Announcement Detail | Al-Etihad Cooperative Insurance Company announces that it has received, on March 12, 2024, a notification via e-mail from Trade Union Holding Company B.S.C. (one of the major shareholders), who owns ten million and sixty-two thousand shares (10,062,000) in the company, representing (22.36%) of the shares of Al-Etihad Cooperative Insurance Company, indicating the approval of Capital Market Authority to transfer the securities owned by Trade Union Holding Company B.S.C. (without executing a market transaction) to the portfolios of the shareholders of Trade Union Holding Company B.S.C, who constitute 98.5% of the total shares of Trade Union Holding Company B.S.C, provided that the remaining part will be allocated upon completion of the voluntary liquidation procedures of Trade Union Holding Company B.S.C
Thus, the following change occurs in the structure of main shareholders of Al-Etihad Cooperative Insurance Company:
1. Changing the ownership percentage of Al Ahlia Insurance Company K.S.C. from (10%) to become (28.67%) after transferring the shares.
2. Decrease in the ownership percentage of Trade Union Holding Company B.S.C from (22.36%) to become less than 5% threshold of the major shareholders.
Any material developments in this regard will be announced in due course. |
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