Bahrain: Gulf Tamin buys stake of 13.85% in ARIG

Source: Middle East Insurance Review | Apr 2024

Gulf Tamin has acquired a stake of 13.85% in reinsurer Arab Insurance Group (ARIG), according to a statement filed by ARIG with Bahrain Bourse.

The stake comprises 30,466,862 shares which were sold by Emirates Investment Authority.

Gulf Tamin is formed by a consortium led by Lepercq, de Neuflize & Co, a New York-based financial company and Callaway Capital Management, a US-based hedge fund.

The acquisition followed a notification in October 2023 by Gulf Tamin that it intended to make an offer to acquire 22,001,000 ordinary shares in ARIG, or a stake of about 10%. At that time, the consideration for the offer was $0.53 cash per ARIG share.

Gulf Tamin was formed with the sole purpose of acquiring shares in ARIG and is an exempted company incorporated in the Cayman Islands. Its shareholders are Lepercq Multi-Asset Fund SICAV FIS which has a 66.67% stake and Callaway Capital Management which holds the remaining 33.33%. M

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