Bupa Investments Overseas Limited (BIOL) signed an agreement with Nazer Group to acquire 4% of its holding in Bupa Arabia, raising its stake in the Tadawul-listed insurer from 39.25% to 43.25%.
BIOL will buy Nazer Group’s holding for SAR 504 million, or SAR 105 per share, the company said in a statement to Tadawul.
When the deal is completed, Nazer Group will remain a shareholder in Bupa Arabia.
Loay Nazer and Tal Nazer will continue to serve as the board chairman and CEO of Bupa Arabia, respectively.
The deal is subject to regulatory approval and completion of the required paperwork, the statement added.
In August 2018, BIOL acquired 5% of Nazer Group’s holding in Bupa Arabia at SAR 100 per share, at a total value of SAR 400 million. Accordingly, BIOL raised its ownership in Bupa Arabia to 39.25% from 34.25%.
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