GAC approves NLGIC's takeover of RSA Middle East

11/09/2022 Argaam

The General Authority for Competition (GAC) gave the green light today for the economic concentration between Oman-based Middle East to National Life & General Insurance Co. SAOG (NLGIC) and Bahrain's Royal & Sun Alliance Insurance (RSA) Middle East.

 

Thus, NLGIC will acquire the shares of RSA Middle East from Sun Alliance Insurance Overseas Ltd.

 

RSA Middle East owns a 50.07% stake in Tadawul-listed Al Alamiya for Cooperative Insurance Co. 

 

In July, Al Alamiya announced that Royal & Sun Alliance Group completed the sale of its 50% stake in RSA Middle East to NLGIC, majority-owned by Oman International Development and Investment Co. SAOG (OMINVEST).

 

Accordingly, RSA Middle East becomes a wholly-owned subsidiary of NLGIC. However, RSA Middle East will continue to hold a majority shareholding in Al Alamiya, according to the company.

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