The Oman-based company, Sukoon Insurance has obtained the long-awaited permissions which were essential to proceed with their proposed acquisition of a majority stake in Arabian Scandinavian Insurance Company (Ascana). The company, Sukoon Insurance, sought permission from the Central Bank of UAE and the Securities and Commodities Authority (SCA). The news officially came out through disclosure in Dubai Financial Market (DFM).
Last year, in December, Sukoon Insurance Company signed the agreement of share purchase to acquire the majority stake in DFM-listed takaful insurer, worth more than 93 percent.
This acquisition is a strategic approach made by Sukoon Insurance to diversify its business sources and consolidate its presence all across UAE and GCC. Also, this will allow them to enter the evolving takaful insurance market.
In the announcement, the company, Sukoon Insurance, mentioned signing the share purchase agreement to proceed with acquiring a majority stake, worth 93 percent in the Asacana from the key shareholders who hold the representation of the above stake.
Speaking on the subject, the CEO of Sukoon Insurance, Jean-Louis Laurent Josi shared, “We, at Sukoon Insurance, are thrilled to receive the regulatory nods by SCA and Central Bank. With this acquisition, our goal is to capitalize on the deep expertise of Ascana in the takaful market, which will allow us to leverage our credentials in a more specialized underwriting, digital, and customer experience, to enhance its outreach and value recommendation in the future.”
He further elaborated on how important it is for one to enter the takaful market as it keeps on evolving.
“We are extremely pleased to announce this transaction that will not only strengthen our position in the market but also expand our ability to meet the customer’s demands and requirements.”
In the statement, Sukoon Insurance confirmed that they will capitulate with all the necessary obligations under the laws of the UAE including those issued by the Securities and Commodities Authority and the Dubai Financial Market.
Moreover, the company also assured that, after executing the transaction, they would submit an offer for the remaining shareholders of ASCANA, agreeing to them the option to either sell their shares to Sukoon Insurance or remain as a shareholder in ASCANA in consonance with the merger and acquisition rules of Securities and Commodities Authority.
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