Bahrain: BKIC completes acquisition of 36.31% stake in Takaful International
Source: Middle East Insurance Review | Jul 2017
Bahrain Kuwait Insurance Company (BKIC) and Takaful International (Takaful) have jointly announced the close of BKIC’s unconditional mandatory cash offer to acquire up to 36.31% of stake of Takaful, representing all the outstanding shares of Takaful not held by BKIC. The offer price was 95 fils for every share in Takaful.
A total of 2,244,956 shares of Takaful were surrendered, representing 3.59% of the total issued and paid-up ordinary shares of Takaful. BKIC has deposited and kept the consideration at 95 fils per share ready for settlement for the number of shares surrendered in an escrow account with Securities & Investment Company (SICO).
The settlement will be effected by BKIC’s broker to Bahrain Bourse (BHB) account, and BHB will make the settlement to each broker acting on behalf of the selling Takaful shareholders for the shares surrendered on the trading system.
On the offer settlement date of 29 June 2017, BHB effected the transfer of shares and updated the shareholders register of Takaful to reflect the change in ownership.
Based on the number of shares transferred, the settlement consideration at 95 fils per share will be settled by the broker acting on behalf of the Offeror subject to and as per BHB settlement rules.
Takaful shareholders who have accepted the BKIC offer and have fulfilled the conditions prescribed in the acceptance procedure will receive the settlement consideration in full at 95 fils per share in accordance with the terms of Offer Document dated 10 May 2017. M