Kuwait: Wethaq Takaful to sell 60% stake in Egyptian subsidiary
Source: Middle East Insurance Review | Sep 2015
Kuwait-based Wethaq Takaful Insurance has announced that it intends to sell its stake in its Egyptian unit, Wethaq Takaful Egypt, for KWD1.3 million (US$4.3 million).
The board of the Kuwaiti insurer gave the green light in August for the sale to an undisclosed buyer, according to a company statement to the Kuwaiti Stock Exchange.
Wethaq Takaful Insurance owns 60% of Wethaq Egypt, with Kuwait-based Adeem Investment and Wealth Management Company holding a 39.9% stake and Kuwaiti investor Najeeb Al-Humaidhi, 0.1%.
According to Wethaq Takaful Insurance’s financial statements for the year ended 31 December 2014, the Egyptian subsidiary contributed KWD277,740 to the group’s net profit of KWD423,735 last year.
KWD1 = US$3.31