Al Baraka Bank has been granted approval by the Financial Market Council (CMF) to acquire, through its subsidiaries Al Baraka Bank Tunisia and Al Baraka SICAR, 270 000 shares, or 19.15% of the capital of El Amana Takaful. This stake has been acquired from CARTE Assurances and CARTE Vie.
The banking group's participation in the capital of the insurance company thus goes from 29.77% to 48.92%.
The transfer price amounts to 21.557 TND (7.1 USD) per share bringing the total amount of the transaction to 5.8 million TND (1.9 million USD).
At the same time, the CMF decided to impose a mandatory takeover bid on Al Baraka Bank Tunisia acting in concert with Al Baraka SICAR for the remaining 51.08% of El Amana Takaful capital.
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