UAE: Orient to acquire non-owned shares at Orient UNB Takaful

Source: Middle East Insurance Review | Dec 2021

Orient Insurance (Orient) announced that it will submit an offer to acquire non-owned shares of Orient UNB Takaful (OUTFL), sum of 16.09% of the company’s shares, after obtaining the necessary approvals to begin the acquisition process from the regulators, a statement on the Dubai Financial Market website has said.

Orient and Union National Bank launched OUTFL in 2016 as a general takaful operation. In March 2021, OUTFL became a subsidiary of Orient as the latter acquired the shares owned initially by Union National Bank and its subsidiary.

Orient Insurance Group CEO Omar Elamin said that the intended acquisition is in the interest of the two companies through the expected integration, and Orient is committed to support Orient Takaful while always maintaining the independence of the target company in carrying out its operations. M

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