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.
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.