First Takaful Sells its 35% Stake in Turkey's Neova Sigorta

Kuwait-based First Takaful Insurance (FTI) has concluded all processes to sell its 35% holding in Turkey's Neova Sigorta Insurance Company (NSIC), for an approximate price of KWD 12.14 million as per the exchange rate on the date of the transaction.

According to a Stock Exchange filing on the 10th of May 2020, FTI reported a loss of approximately KWD 4.7 million (at the exchange rate on the date of sale), compared to an expected loss of KWD 4.9 million.

In addition, FTI also noted that 5% of the transaction’s value will be suspended upon completion of other procedures in Turkey as well as other expenses. The financial effect of the transaction is expected to be reported in the...