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Qatar’s Al Khaleej Takaful Insurance Company will sell its 25% equity stake in Bahrain National Life (BNL) for 3 million dinars ($7.9 million), according to a filing on the Qatar Stock Exchange.
The agreement is subject to necessary approvals by the relevant regulatory and supervisory bodies.
In 2008, Al Khaleej Takaful had purchased a stake in the Bahrain-based insurance company for 21,454,000 Qatari riyals. BNL is a subsidiary of the Bahrain National Holding Company (BNH), listed on the Bahrain Bourse.
In a filing, BNH said the transaction is expected to have a positive impact for the company.
(Writing by Bindu Rai, editing by Daniel Luiz)