DUBAI, Dubai DFM-listed investment company, Dubai Investments, has acquired an additional 15.19 percent share of National General Insurance Co. from Emirates NBD Bank through a direct deal.
The aggregate ownership has now reached 45.18 percent, following the acquisition of 21.53 percent acquired through direct deal mechanism in April 2021, and the existing 8.46 percent of shares held by Dubai Investments, the investment company said in a disclosure.
Al Mal Capital PSC, a subsidiary of Dubai Investments, was the financial advisor, facilitating the transaction.
“Acquiring an additional stake in NGI, and being the biggest shareholder in the company, reiterates our increased focus on a resilient insurance sector. According to reports, the insurance market is set to expand further over the next few years and with NGI being ranked among the top providers in the UAE market, we are positive our concerted efforts and expertise will contribute positively towards bolstering the sector,” said Khalid bin Kalban, Vice Chairman and CEO, Dubai Investments.
Source: Emirates News Agency