Bahrain Kuwait Insurance Company B.S.C. completed the acquisition of an additional 3.6% stake in Takaful International Company BSC for BHD 0.21 million.
In case Bahrain Kuwait Insurance achieves 95% or more ownership in Takaful as a result of the offer, it has to compulsorily acquire the remaining voting rights within 3 months from the date of acquisition of 95% or more. The offer document will be sent to Takaful International Company within 21 calendar days of the date of announcement of the terms of the offer. The offer document was dispatched to Takaful's Board of Directors on May 10, 2017, unless extended. The offer will start on June 6, 2017 and will remain open till June 20, 2017. Securities and Investment Company BSC(c) acted as financial advisor and escrow agent, Al-Sarraf & Al-Ruwayeh acted as legal advisor and Ernst & Young acted as auditor to Bahrain Kuwait Insurance Company. KPMG acted as professional independent advisor and Rashid A.R Ebrahim acted as legal advisor to Takaful International.
Bahrain Kuwait Insurance Company B.S.C. (BAX:BKIC) completed the acquisition of an additional 3.6% stake in Takaful International Company BSC for BHD 0.21 million on June 20, 2017. Bahrain Kuwait acquired 2.2 million shares.