Mubasher: Warba Insurance has increased its stake in Wapmed TPA Services to 82.57% from 54.57% by buying 1.96 million shares in consideration of KWD 196,000 ($645.67).

The transaction was concluded under the supervision of Boursa Kuwait and Kuwait Clearing Company, according to a statement.

Warba stated that the financial impact of the deal would appear in its financial statements for the second quarter of the current fiscal year.

Kuwait’s Warba Insurance reported a 79.3% year-on-year increase in profits during the first quarter of 2019, recording KWD 683,500 ($2.3 million).