Logo of Al Alamiya for Cooperative Insurance Co.
Al Alamiya for Cooperative Insurance Co. said its major shareholder, Royal & Sun Alliance Group, announced today, April 4 the sale of its 50% stake in Royal & Sun Alliance Insurance (RSA) Middle East to National Life & General Insurance Company SAOG (NLGIC), according to a bourse statement.
Oman International Development and Investment Co. SAOG (OMINVEST) owns a majority stake in NLGIC.
The remaining shares, owned by RSA Middle East shareholders, will be exchanged into NLGIC. Accordingly, RSA Middle East will be the second majority shareholder in NLGIC after OMINVEST.
RSA Middle East will become a wholly owned subsidiary of NLGIC, and will continue to hold a majority in Al Alamiya.
The deal is subject to regulatory approvals and the transaction is expected to complete swiftly post relevant approvals.
The change in RSA Middle East ownership will have no immediate impact on Al Alamiya’s day-to-day operations and business operations will continue to run as usual, Al Alamiya concluded.
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