Warba Insurance hikes stake in TPA

Warba Insurance has increased its stake in Wapmed TPA Services to from 54.57 percent to 82.57 percent by buying 1.96 million shares in consideration of KWD196,000 (USD645.67).

The transaction was concluded under the supervision of Boursa Kuwait and Kuwait Clearing Company, according to a statement provided to Mubasher.

The company has stated that the financial impact of the deal would appear in its financial statements for the second quarter of the current fiscal year.

Warba Insurance reported a 79.3 percent year-on-year increase in profits during the first quarter of 2019, recording KWD683,500 (USD2.3 million).