Kuwait’s Wethaq Takaful divests Egyptian unit for $4.3mn

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%).