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Kuwait-based Wethaq Takaful Insurance Company announced Thursday it intends to sell its stake in the Egyptian unit, Wethaq Takaful Egypt for KWD1.3 million (US$4.3 million).
The board of the Kuwaiti insurer had given Wednesday the go-ahead to sell its stake in the Egyptian unit in favour of a buyer whose name was not mentioned in the company’s Thursday statement to the Kuwaiti Stock Exchange.
The Shareholders’ structure in Wethaq Egypt includes; Wethaq Takaful Insurance Company of Kuwait (60%), Kuwait-based Adeem Investment and Wealth Management Company (39.9%), and Kuwaiti investor Najeeb Al-Humaidhi (0.1%).
