Wataniya Insurance says SNIC Insurance sells 13.75% equity to E.A. Juffali & Brothers for SAR 55 mln

Logo of Wataniya Insurance Co.

Wataniya Insurance Co. announced receiving a letter from E.A. Juffali & Brothers Co. and SNIC Insurance Co. on the execution of an off-market deal under which the latter sold 5.50 million shares, or 13.75% of Wataniya Insurance’s capital, to E.A. Juffali & Brothers at SAR 10 per share for a total of SAR 55 million, according to a statement to Tadawul.

This came as per an agreement between the two parties, which earlier got the non-objection of the Saudi Central Bank (SAMA).

Upon completion of the transaction, SNIC Insurance's ownership in Wataniya Insurance will be reduced from 10 million shares (25%) to 4.50 million (11.25%).

Meanwhile, E.A. Juffali & Brothers’ stake in Wataniya Insurance will increase from 6.45 million shares (16.125%) to 11.95 million (29.875%), it added.

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