Al-Etihad says Trade Union to transfer stake to other shareholders

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. said it received on March 12 a notice from Trade Union Holding Co. (a major shareholder), indicating the Capital Market Authority’s (CMA) approval to transfer the company’s securities.

The approval allows Trade Union to transfer its securities in Al-Etihad (without a market transaction) to the portfolios of Trade Union shareholders, who constitute 98.5% of the holding company’s total share capital, according to a statement to Tadawul.

For More Mergers and Acquisitions

The remaining part will be allocated upon completion of the voluntary liquidation procedures of Trade Union.

Accordingly, the ownership structure of Al-Etihad major shareholders will change as follows:

- Al Ahlia Insurance Co.’s ownership will increase from 10% to 28.67%.

- Trade Union’s ownership will reduce from 22.36% to below the 5% for the major shareholders.

Any material developments will be disclosed later.