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Article: Gulf Insurance raises stake in Arab Orient Insurance to 55%.
- Article from:
- ADP News Middle East & Africa
- Article date:
- June 16, 2009
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(ADP News) - Jun 16, 2009 - Kuwaiti insurer Gulf Insurance (KUW:GINS) said Sunday in a statement to the Kuwaiti bourse it had boosted its stake in Jordan's Arab Orient Insurance Co (AFM:AALI) to 55% by acquiring a further 13%.
The stake comprises 1.43 million shares acquired at a price of JOD 3.5 (USD 4.942/EUR 3.571) each.
At the beginning of May, Gulf Insurance said it had bought 36% in Arab Orient Insurance Co for JOD 13.86 million, and 20 days later acquired another 6%.
After the latest transaction, Gulf Insurance owns 6.05 million shares in Arab Orient Insurance worth a total JOD 21.175 million.
Arab Orient Insurance ...