Al Alamiya says Royal & Sun Group completes 50% stake sale in Middle East subsidiary

13/07/2022 Argaam
Logo of Al Alamiya for Cooperative Insurance Co.

Logo of Al Alamiya for Cooperative Insurance Co.

Al Alamiya for Cooperative Insurance Co. announced that Royal & Sun Alliance Group completed, on July 6, the sale of its 50% stake in Royal & Sun Alliance Insurance (RSA) Middle East to National Life & General Insurance Co. SAOG (NLGIC), majority-owned by Oman International Development and Investment Co. SAOG (OMINVEST).

 

The remaining shares of RSA Middle East owned by the other shareholders were swapped for NLGIC shares, which makes them majority shareholders of NLGIC after OMINVEST, the insurer said in a statement to Tadawul today, July 13.

 

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.

 

The Saudi-listed insurer emphasized that the change in RSA Middle East’s ownership will have no immediate impact on day-to-day operations and business will continue to run as usual.

 

For More Mergers and Acquisitions

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