Watania soars as potential majority shareholder gets SCA nod

August 26, 2014 5:58 pm

The ADX General index advanced steadily on Tuesday, August 26, closing 0.72 per cent higher at 5,115.50 points.

National Takaful Company, also registered as Watania, surged by 9.52 per cent to hit AED1.18. Earlier in the day, Watania revealed in a public statement that the securities and commodities authority approved the request by MB UAE Investments to purchase 60.53 per cent of Watania’s paid-up capital. This includes the acquisition of 9.53 per cent of Watania’s related group Al Madina Insurance Company. The expiry of the purchase period is February 24, 2015. The nod does not mean that there is a commitment to execute the deal, as the applicant can retreat from implementing it, Watania revealed.

Gérard Al-Fil