UAE: AWNIC acquires Vision Capital Brokerage
Source: Middle East Insurance Review | Oct 2015
Abu Dhabi-listed Al Wathba National Insurance Company (AWNIC) has acquired all the shares in the company Vision Capital Brokerage.
The goal of the acquisition is to support the insurance company in the field of investment and to diversify sources of income for the company, AWNIC said in a stock market announcement. The statement did not mention the acquisition cost.
AWNIC earned net profits of AED48.2 million (US$13.1 million) for the first half of this year, 68.2% lower than the AED151.4 million posted for the corresponding period last year.
AED1 = US$0.27