Dubai: Emirates NBD, the biggest Dubai bank said on Wednesday that it sold 22,778,049 shares in National General Insurance Company (NGI) at a price of Dh3.12 per share.
This sale represents 15.19 per cent of the shares of National General Insurance Company.
“Following the sale, Emirates NBD no longer holds any shares in NGI and has fully divested its interest in the company,” the bank said in a filing to Dubai Financial Market (DFM).
Emirates NBD Capital was the sole financial adviser on this divestment.
In April this year Dubai Investments had taken over the controlling stake in National General Insurance from Emirates NBD.
In a “direct deal” executed on the DFM the company bought more than 32.3 million NGI shares from Emirates NBD. The sale represented 21.53 per cent of the issued shares of NGI.
With the new acquisition, Dubai Investments' total shareholing in NGI has reached 45.18 per cent.