Kuwait – Mubasher: Bahrain Kuwait Insurance signed a memorandum of understanding (MoU) with Bahrain Islamic Bank to buy its full stake in Bahrain's Takaful International.
The company, which is listed on Boursa Kuwait and Bahrain Bourse, said that the agreement is subject to the approval of Bahrain's observation authorities, according to a bourse filing on Tuesday.
Bahrain Islamic Bank owns 22.75% of Takaful International shares, while Bahrain Kuwait Insurance owns 40.93%. After the deal, the Bahrain Kuwait firm's stake will rise to 63.68%.
