First Takaful completes exit from Turkey’s Neova Sigorta
Tuesday, 05 12 2020, Category: Islamic Insurance, Country: Kuwait
First Takaful Insurance (FTI) has completed all procedures to sell its 35% stake in Turkey’s Neova Sigorta Insurance Company, a sister company, for around KWD 12.14 million as per the exchange rate on the sale date.
The Kuwaiti insurer logged a loss worth KWD 4.7 million approximately at the exchange rate on the sale date, representing changes in exchange rate previously registered in the company’s budget in the shareholders’ rights at KWD 4.9 million, according to a stock exchange filing on Sunday.
Cash liquidity rate has been increased by the same selling value, KWD 12.14 million, whereas the investment in the affiliate company was down by KWD 11.9 million.