The company said it had requested details of the sale from its shareholder

Dubai-based Al Sagr National Insurance Company (ASNIC) has announced that a major shareholder is considering selling its stake in the company.

In a statement to the Dubai Financial Market (DFM), the company said it had received a letter from a major shareholder about the potential sale of its 47.078 percent stake.

The company said it had requested the details of the buyer, transaction value, reason for sale and any conflicts of interest.

The shareholder was not mentioned in the DFM statement, but ASNIC’s shareholders, as listed in its most recently published corporate governance report, include Gulf General Investments Company (GGICO), which has a 47.08 percent share.

Smaller shareholders include Near East Investment Company and INMAA UAE General Trading.

GGICO reported that its accumulated losses reached AED 1.808 billion ($492 million) in the first quarter of 2022.

ASNIC reported accumulated losses of AED 101 million in the first quarter of 2022, representing 44.94% of capital ratio.

zawya