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Dubai Investments on Wednesday announced plans to acquire all, or part of the stake held by shareholders in National General Insurance Co. for an offer price of 3.12 dirhams ($0.85) for each NGI share.
The Dubai Dubai-listed diversified company said the offer period to the shareholders of NGI will be open for 15 days starting from December 29, 2021, until January 19, 2022.
It has dispatched the offer document to NGI shareholders, the company said in a disclosure to the Dubai Financial Market (DFM).
Dubai Investments owns a majority 45.18 percent stake in NGI, a multi-line insurance provider also listed on the DFM. Commercial Bank of Dubai has a 17.74 percent stake.
With 149,954,112 issued shares, the offer values the company at 464.85 million dirhams ($127.46 million), according to Zawya calculations.
Dubai Investments, which has a share capital of 4.25 billion dirhams, invests in real estate, industrial, financial, healthcare and education, among others.
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
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