Logo of Wataniya Insurance Co.
Wataniya Insurance Co. received an email from two shareholders, E.A. Juffali and Brothers and New Reinsurance Co. Ltd, stating the signing of a binding agreement for a private transaction, in accordance with the Merger and Acquisition Regulations.
Under the agreement, New Reinsurance will sell 2 million shares, or 5% of Wataniya’s capital, to E.A. Juffali and Brothers at SAR 12 per share for a total value of SAR 24 million, the Saudi-listed insurer said in a statement on Tadawul.
The completion of the transaction is subject to certain agreed contractual conditions, including obtaining the no objection from the Saudi Central Bank (SAMA), the statement added.
Following the completion of the transaction, New Reinsurance will no longer be a shareholder in Wataniya, while E A Juffali & Brothers stake will increase from 11.125% to 16.125%, with 6.45 million shares.
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