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FINANCIAL NEWS
Watania regulators approve selling 60.53 percent stake
30 Aug 2014
(MENAFN) Takaful Co (Watania) said that UAE regulators had approved the sale of 60.53 percent of the firm to MB UAE Investments and an affiliate of MB, The Peninsula Qatar reported.
Watania said MB UAE Investments would acquire 51 percent and Al Madina Insurance Co would take 9.53 percent. The group would buy a total of 90.8 million shares.
Watania did not give details such as the purchase price or who would sell the shares. However, Al Madina said it would buy 14.3 million Watania shares for USD4.87 million.
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