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First Takaful Insurance to sell stake in Turkish affiliate

First Takaful Insurance to sell stake in Turkish affiliate
FTI owns 35% of Turkey's Neova Sigorta
FTI
FTI
-3.23% 150.00 -5.00

Mubasher: First Takaful Insurance (FTI) signed a preliminary agreement to sell its stake in Neova Sigorta Insurance Company, a Turkish associate.  

The Kuwaiti firm’s stake amounts to 35% of Neova Sigorta’s capital, according to a statement to the Kuwaiti bourse on Thursday.  

The transaction’s impact will be determined after reaching a final agreement and completing the required procedures. Additionally, it will be subject to the payment date, after deducting expenses and fees as per the laws applied in Turkey, as well as the exchange rate of the Turkish lira at that time.

It is worth mentioning that during the first nine months of 2019, First Takaful’s profit grew to KWD 826,240, compared with KWD 809,040 in the year before.