UAE’s Dar Al Takaful is in negotiations to acquire 100% of sister companies Noor Takaful and Noor Takaful Family, it said in a bourse filing on Tuesday (Feb 18).
The company said it has entered into exclusive discussions to finalise definitive transaction documents towards completion of the transaction, which it expects to take place in the second quarter of this year.
“The transaction, when completed will allow Dar Al Takaful to build scale and market share in the UAE by consolidating the fragmented UAE insurance market, and diversify our existing business by adding Family Takaful (Life) to the company’s service offering,” Dar Al Takaful chairperson Abdulaziz Al Bannai said.
Dar Al Takaful currently offers general takaful, including motor, marine, fire, engineering, medical and general accident risks. Buying Noor Takaful Family will give it a new business line.
The company made a profit of 2.877 million dirhams ($0.78 million) for the first nine months of 2019, down from 8.084 million dirhams for the same period in 2018.
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