Dubai Investments acquires 21.5% stake in National General Insurance
Thursday, 04 22 2021, Category: Insurance and Reinsurance, Country: U.A.E
Dubai Investments has purchased 32.3 million shares in National General Insurance Company (NGI) from Emirates NBD.
The transaction, valued at AED 3.27 per share, represents 21.53% of NGI's share capital, according to a bourse filing on Wednesday.
Following the execution of the direct deal, Dubai Investments' total ownership in NGI reached 29.99% of NGI's issued share capital.
Meanwhile, Emirates NBD Bank continues to hold 22.778 million shares in NGI, representing 15.19% of the issued share capital of NGI.
It is noteworthy to mention that the ordinary general meeting (OGM) of Dubai Investments approved to pay cash dividends, equivalent to 8% of the capital, for 2020.