Dubai Investments offers to acquire NGI shares
Dubai Investments has announced to the shareholders of National General Insurance Company PJSC that it has made an offer to acquire all or part of the NGI shares.
According to a bourse filing, Dubai Investments has dispatched the offer document to the shareholders of NGI at their PO box address as registered in the records of the Dubai Financial Market. Objection period for non-receipt of the offer document is 30 days from the announcement disclosed on DFM. The Offer period is open for 15 working days commencing on December 29, 2021, and ending after the trading session on January 19, 2022. The offer price is AED3.12 for each NGI share. The offer document will also be published on each of Dubai Investments’ and NGI’s website.
Dubai Investments had announced in April 2021, the execution of a direct deal, acquiring 21.53 percent shares of NGI from Emirates NBD Bank PJSC, thereby increasing its aggregate stake within the insurer.
The aggregate ownership of Dubai Investments in NGI, following the execution of the direct deal had reached a total of 29.99 percent of the issued share capital of NGI, according to a bourse statement.
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