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Oman insurance has exited from its investment and disposed 60 percent of its shares in ITACO Bahrain, according to a disclosure on Wednesday.
The Dubai-based firm has also paid 793,000 dirhams ($215,000) to the troubled Bahraini subsidiary as part of a restructuring, Oman Insurance told the Dubai Financial Market (DFM).
“Post disposal, Oman Insurance does not hold any shares in ITACO Bahrain,” the insurer said.
The company assured that the impact of the deal is “nominal”, with the investment representing only 0.17 percent of its issued capital, although it has resulted in derecognition of net asset of 1.5 million dirhams.
“The subsidiary was loss making … it was decided to dispose the shares,” Oman Insurance said.
The transaction was closed on December 14, 2021 and all the shares have now been fully transferred.
(Reporting by Cleofe Maceda; editing by Seban Scaria )
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