May 11 (SeeNews) - Kuwaiti insurance company First Takaful Insurance (FTI) completed the procedures for the sale of its 35% shareholding in Turkish peer Neova Sigorta for 12.14 million Kuwaiti dinars ($39.2 million/36.2 million euro), Egypt-headquartered media reported.
The Kuwaiti insurer booked a 4.7 million Kuwaiti dinar loss from the deal due to changes in the exchange rate, business news platform Mubasher.info reported on Sunday, citing an FTI stock exchange filing.
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In addition, some 5% of the transaction’s value is suspended upon completion of other procedures in Turkey and other expenses, the report said.
FTI signed a preliminary deal to sell its shareholding in Neova Sigorta in February.
Istanbul-based Neova Sigorta is fully-owned by local Kuveyt Turk Katilim Bankasi, according to data published on the website of Neova Sigorta.
(1 euro = 0.3355 Kuwaiti dinars)