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UAE’s Rakbank buys 79.23% of RAK National Insurance in tender offer

UAE’s Rakbank buys 79.23% of RAK National Insurance in tender offer

The lender acquired 87.15 million shares at a total value of Dhs317.2 million ($86.37 million), it said in a bourse filing on Thursday.

United Arab Emirates-based National Bank of Ras Al Khaimah (RAKBANK) on Thursday said it had bought a 79.23 per cent stake in Ras Al Khaimah National Insurance after a making a public offer to shareholders.

RAKBANK, the sixth-largest lender by market value on the Abu Dhabi bourse, said on May 19 it was looking to buy all or majority of the insurance firm’s shares at a price of Dhs3.64 a share.

The lender acquired 87.15 million shares at a total value of Dhs317.2 million ($86.37 million), it said in a bourse filing on Thursday.

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