Jerusalem Insurance Company (Jerusalem Insurance) has announced that it has received approval from the Central Bank of Jordan to acquire additional shares of Arabia Insurance Company - Jordan (AICJ).
The disclosure, lodged with the Amman Stock Exchange, reveals that Jerusalem Insurance has signed several agreements to purchase around 1.6m shares owned by various shareholders. Their collective shares represent around 20% of AICJ’s capital.
Upon concluding the latest agreements, Jerusalem Insurance’s share in AICJ will increase to around 60%. It is expected that the insurer will continue its endeavours to purchase other AICJ shares in the future.
Last May, Jerusalem Insurance announced that it had signed an agreement to acquire a 39.39% stake in AICJ, comprising 3.1m shares owned by Arab Group Holding.