Bosnia's Federation trade gap widens 4.9% y/y in Jan-Oct
Ljubljana stock indices edge up in lower turnover
Bosnia's Federation retail sales up real 8.8% y/y in Oct
Most Sofia bourse indices end higher, Eurohold paces gainers
Podravka, Adris boost Croatia’s share indices in lower turnover
Nov 03, 2017 17:36 EEST
November 3 (SeeNews) - Albania's competition authority said it has approved the sale of 90% of the life insurance business of Insig, a wholly owned subsidiary of local insurer Eurosig, to two Albanian entrepreneurs, Samir Mane and Shefqet Kastrati.
Eurosig will receive 473.3 million leks ($4 million/3.5 million euro) from the sale and will remain owner of a 10% stake in Insig Life, the competition authority said in a statement on Thursday.
You can subscribe to our M&A newsletter here
Samir Mane, president and owner of one of Albania's largest private investment groups, Balfin, will acquire 45% of Insig Life, according to the statement.
Shefqet Kastrati, who also will acquire a 45% stake, is owner and president of the Kastrati Group, a company active in trading, storage and retail of petroleum.
Eurosig bought both the life and non-life insurance businesses of Insig from Albania's government for 2.2 billion leks in May 2016. Back then, the government received three more offers in the tender for Insig. One of the bidders was the Balfin Group. The Kastrati Group also participated in the tender, jointly with its subsidiary Albsig.
(1 euro = 132.153 leks)
You have run out of free articles this month.
Sign up in for
and get ten (10) free articles per month or sign up for
and get unlimited access.
Browse our free newsletter options