News Middle East09 Feb 2020

Turkey:Insurance market sees lively M&A activity

09 Feb 2020

First Takaful Insurance (FTI) has signed a preliminary agreement to sell its stake in Neova Sigorta Insurance, a Turkish associate, according to a statement lodged with the Kuwaiti bourse.

The transaction remains subject to reaching a final agreement and completing required procedures, business news platform Mubasher.info reported. No financial details were disclosed. 

FTI has a 35% shareholding in Neova Sigorta. Istanbul-based Neova Sigorta is 53%-owned by local investment holding company Turkapital Holding.

Gunes Sigorta

Separately, Turkey's sovereign wealth fund said its TVF Finansal Yatirimlar subsidiary had reached a deal with Groupama Holding to buy its 10% stake in Turkish insurance company Gunes Sigorta, reported Reuters.

The Turkey Wealth Fund said in a written statement that the move was within the scope of a consolidation project for public insurance companies which was announced last December.

Dubai Starr Sigorta

In another development, Dubai-headquartered Oman Insurance has announced that it is in the process of buying a further 49% stake in its subsidiary Dubai Starr Sigorta, an insurance company based in Istanbul which writes non-life insurance business.

The UAE company, in a statement lodged with the Dubai Financial Market, said that it had signed a sale and purchase agreement which is subject to regulatory approval.

Oman Insurance already owns 51% of the Turkish insurer.

 

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