Al-Ahleya Insurance Company obtained Capital Markets Authority (CMA) approval of “Mandatory Acquisition Offering Document” offered to shareholders of the Reinsurance Company.
According to this approval, Al-Ahleya Insurance Company, on 7 June 2015, offered the purchase of the remaining shares of the Reinsurance company, at the rate of 200 Fils per share, allowing the company to increase its state of 29.998 per cent. The period of mandatory offer commences 16 June (current) and ends on 16 July. The Kuwait Financial Center Co. shall act as Manager for Al-Ahleya Insurance Company’s acquisition of the shares of Reinsurance Co.
CMA Kuwait rules obliges anyone who wishes to acquire 30 per cent and more of the shares of a listed company, or having 30 per cent and more thereof, and is willing to acquire more, to provide a mandatory offer to acquire all shares from all shareholders willing to sell at the same rate and under the same conditions.
Kuwait Reinsurance Company has a capital of KD 15 million ($49.5 million) divided into 150 million shares. At the latest transaction, price per share was 186 Fils. This transaction took place on 7 May 2015.
According to Kuwait Stock Exchange’s data, the Reinsurance Company is 40% owned by Trans Atlantic Insurance Company – New York, 10% by Kuwait Investment Company (KIC), and 5% by Kuwait Insurance Company.