UAE: Sukoon completes buyout of ASCANA

Source: Middle East Insurance Review | Jun 2023

Dubai-listed Sukoon, previously known as Oman Insurance Company, has completed the acquisition of 93.0432% of the share capital of Arabian Scandinavian Insurance Company (ASCANA) by way of special deal through independent clearing company Dubai Clear, reported Zawya.

Sukoon previously signed a share share purchase agreement in December 2022 to acquire a majority stake of more than 93% in the DFM-listed takaful insurer.

“This acquisition will not only strengthen Sukoon’s ability to meet a wider range of customer needs with shariah-compliant products, but it will also allow ASCANA to leverage Sukoon’s strong heritage, market positioning and specialised underwriting capabilities,” said Sukoon CEO Jean-Louis Laurent Josi.

In a statement, the insurer said it confirmed its intent to submit an offer to acquire the shares of the remaining shareholders of ASCANA, as soon as it receives the regulatory approvals. M

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