UAE: Sukoon to acquire another 1.57% stake in takaful company
Source: Middle East Insurance Review | May 2024
Sukoon Insurance Company (Sukoon) has announced that it had received acceptances for 2,411,030 shares which represent 1.57% of the shares of Arabian Scandinavian Insurance Company - Takaful (ASCANA).
Sukoon made its offer in March 2024 to purchase the 10,713,399 shares of the remaining shareholders of ASCANA, which amount to a stake of 6.96% that Sukoon did not already own. The offer period ended on 1 April 2024.
Sukoon currently owns 93.04% of ASCANA’s capital. On this basis, the offeror is under an obligation under the Rules of Acquisition and Merger of Public Shareholding Companies to submit a tender offer to the minority shareholders of ASCANA.
Sukoon said in a statement lodged with Dubai Financial Market that the process of paying for the proceeds of the offer will be on/or before 5 April 2024.
Sukoon signed a share purchase agreement in 2022 to acquire a majority stake in ASCANA of 93.04% and completed the acquisition in May 2023. The move is in line with Sukoon’s strategy to diversify its sources of business and consolidate its UAE and GCC presence. It also allows the company to enter the takaful market. M