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UAE real estate firm Dubai Investments has taken over the controlling stake in National General Insurance (NGI) from Dubai’s biggest lender Emirates NBD.
In a “direct deal” executed before 9 am at the Dubai Financial Market (DFM) on Wednesday, the company bought more than 32.3 million NGI shares from Emirates NBD. The sale represents 21.53 percent of the issued shares of NGI.
With the deal, Dubai Investments has increased its aggregate ownership in the insurance firm to 29.9 percent, making it the majority shareholder in the company.
The transaction has been confirmed by DFM, Dubai Investments and Emirates NBD in separate statements.
Emirates NBD clarified that it continues to hold more than 22.7 million shares in NGI, representing more than 15 percent of the issued share capital of the company.
The transaction value was pegged at more than 105.6 million dirhams ($28.8 million) at a price of 3.27 dirhams per share.
Commercial Bank of Dubai is now the second-biggest shareholder of NGI, accounting for 17.74 percent, followed by Emirates NBD (15.19 percent) and Malika Ahmed Merdas Alzarouni (10.94 percent).
(Reporting by Cleofe Maceda; editing by Seban Scaria)
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