Bahrain Islamic Bank BSC sold its 22.75% stake in insurer Takaful International Co. BSC to Bahrain Kuwait Insurance Co. BSC.
The 22.75% stake, amounting to 14,220,486 Takaful shares, was valued at 1.4 million Bahraini dinars. The acquisition brings Bahrain Kuwait's stake in Takaful International to 63.69% and triggers a requirement for a mandatory public offer for the remaining shares it does not own.
Securities & Investment Co. BSC (c) will serve as financial adviser to Bahrain Kuwait for the public offer.
Bahrain Kuwait is a unit of Kuwait-based Gulf Insurance Group KSCP.
As of April 4, US$1 was equivalent to 380 Bahraini fils.