Private Wealth sells 10% stake in Wataniya Insurance

04/03/2024 Argaam
Logo ofWataniya Insurance Co.

Logo of Wataniya Insurance Co.

Wataniya Insurance Co. announced today, March 4, receiving a letter from Private Wealth Investment Holding Co. about the sale of the latter’s entire four million share stake in Wataniya (10% of the insurer’s capital), for a total of SAR 75.04 million in a private sale transaction to various investment funds and portfolios.

 

Accordingly, Private Wealth will own no shares in Wataniya Insurance. The investment portfolios or funds that bought the said shares do not own 5% or more of Wataniya’s shares, according to a statement on Tadawul.

 

Wataniya Insurance received the necessary regulatory approvals for this transaction.

 

In December 2021, Private Wealth bought the entire stake of the Saudi British Bank (SABB) in Wataniya Insurance, amounting to four million shares or 20% of the latter’s capital, valued at SAR 80 million, according to data available with Argaam.

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