Abu Dhabi Commercial Bank divests stake in Orient Takaful Egypt

Abu Dhabi Commercial Bank (ADCB), UAE’s third-biggest lender, said on Thursday it had divested its 20 percent stake in Orient Takaful Egypt by selling them at an undisclosed price to parent Orient Insurance Company.

Orient Insurance is part of UAE’s Al Futtaim Group.

ADCB also sold its 49 percent stake in the UAE’s Orient UNB Takaful to Orient Insurance for 77 million dirhams ($21 million).

The transactions are expected to be finalised within six months and is yet to be approved by the regulatory authorities.

Orient Takaful Egypt’s shareholders now consist of Orient Insurance of 80 percent and Union National Bank of 20 percent. Its issued and paid-up capitals amount to 500 million Egyptian pounds ($31.8 million) and 250 million pounds ($15.9 million), respectively.