Wataniya Insurance: Ibrahim Juffali & Brothers increases its shares in the company to 16.12%

Wataniya Insurance Company announced on Monday that it has received a letter (by e-mail) from E.A. Juffali and Brothers and New Reinsurance Company Ltd, stating the signing of a binding agreement to execute a private transaction (in accordance with the Merger and Acquisition Regulations), where New Reinsurance Company Ltd, will sell 2,000,000 shares with a percentage of 5% from Wataniya’s Capital to E.A. Juffali and Brothers at (SR. 12 per share) with a total value of SR 24,000,000 only.
The completion of the transaction is subject to the satisfaction of certain agreed contractual conditions, including obtaining No objection required by the regulatory in connection with the transaction, from the Saudi Central Bank.
The following changes will be a result of the completion of the transaction:
1) New Reinsurance Company Ltd, will No longer be a shareholder in Wataniya Insurance Company.
2) E A Juffali & Brothers shares will increase from 11.125% to 16.125% from Wataniya Insurance Capital, with a total share of 6,450,000 shares.