Dubai-listed Sukoon, formerly known as Oman Insurance Company, has completed the acquisition of 93.0432% of the share capital of Arabian Scandinavian Insurance Company P.S.C. (ASCANA) by way of special deal through Dubai Clear.

Sukoon had signed a share purchase agreement in December 2022 to acquire a majority stake of more than 93% in the DFM-listed takaful insurer.

In a statement, Sukoon also confirmed its intent to submit an offer to acquire the shares of the remaining shareholders of ASCANA, as soon as it receives the regulatory approvals.

The insurer did not disclose the financial value of the acquisition.

(Reporting by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@lseg.com