Al Ramz Corporation Investment and Development said on Thursday that one of its subsidiaries has acquired 26.6 million shares of Takaful EM, an insurance company.

Al Ramz did not specify when it made the acquisition or what price it bought the shares for.

Takaful Emarat reported Dh2 million in profits for the first quarter of 2018, nearly three times the Dh691,172 in profit reported in the first quarter of 2017.