Bupa Arabia for Cooperative Insurance (Bupa Arabia) on Tuesday said that Bupa Investment Overseas Limited has completed the purchase of additional five percent stake in Bupa Arabia from Nazer Group.
The transaction was concluded at the agreed price of SAR 100 per share, totaling SAR 400 million, the insurer said in a statement to Tadawul.
The purchase will raise the holding group's ownership in Bupa Arabia to 39.25 percent.
Nazer Group will remain a shareholder in Bupa Arabia. Loay Nazer will continue as the chairman of the Bupa Arabia and Tal Nazer remain the chief executive officer, the statement said.
Additionally, Bupa Arabia announced that the Capital Market Authority (CMA) had approval its request to exceed the 49 percent foreign ownership restriction, to a maximum foreign ownership level of up to 60 percent.
Bupa Arabia had announced the purchase agreement in March this year.
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