Abu Dhabi – Mubasher: The National Bank of Ras Al Khaimah (RAK Bank) announced its intention to acquire all or any lesser number of shares in Ras Al Khaimah National Insurance Company (RAKNIC), according to a filing to the Abu Dhabi Securities Exchange (ADX) on Tuesday.

The bank said it received shareholder approval in August 2014 in addition to the approvals of the Securities and Commodities Authority (SCA), the Central Bank of the UAE and the Insurance Authority on 13 May, 6 January, and 3 May, respectively.

RAK Bank said its offer will be made to all shareholders in the insurance firm at a price of AED 3.64 per share.

As per the ADX’s procedures for acquisition, RAKNIC’s shares will be suspended from trading from 24 May till the end of 27 May.

On Thursday, “Sell orders shall be entered in the electronic trading system starting 9:30am until 1:50pm of the same day without executing any such orders,” RAK Bank confirmed in its filing, adding that no orders will be executed and the trading system “shall proceed to the execution of these orders starting 1:50pm of the same trading day”.

RAKNIC reported a 3.2% decline in its net profits for the first quarter of 2015 to AED 14.73 million ($4 million) compared to AED 15.21 million ($4.14 million) in Q1-14.