February 6 (SeeNews) - Kuwaiti insurance company First Takaful Insurance (FTI) has signed a preliminary deal to sell its 35% shareholding in Turkish peer Neova Sigorta, Egypt-headquartered media reported on Thursday.
The transaction remains subject to reaching a final agreement and completing required procedures, business news platform Mubasher.info reported.
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No financial details were disclosed.
Istanbul-based Neova Sigorta is 53%-owned by local investment holding company Turkapital Holding B.S.C.C., according to data published on the website of Neova Sigorta. Minority investors include Turkey's Kuveyt Turk Katilim Bankasi with a 7% stake, and Kuwait-headquartered Al-Muthanna Investment Company, which owns 5% shareholding interest.