Wednesday 21, June 2017 by Nabilah Annuar

BKIC completes 36.31 per cent acquisition of Takaful International’s shares

A total of 2,244,956 shares of Takaful International were surrendered, representing 3.59 per cent of the total issued and paid up ordinary shares of Takaful.

In reference to the public announcement of BKIC to acquire up to 36.31 per cent of the issued and paid up ordinary shares of Takaful International for cash at an offer price of 95 fils (ninety-five fils) for every share in Takaful, the Board of Directors of BKIC and Takaful International are pleased to announce the conclusion of BKIC’s Offer which opened on 6 June 2017.

A total of 2,244,956 Shares of Takaful were surrendered, representing 3.59 per cent of the total issued and paid up ordinary shares of Takaful. BKIC has deposited and kept the consideration at 95 fils per share ready for settlement for the number of shares surrendered in an escrow account with Securities & Investment Company (SICO).

The settlement shall be effected by BKIC’s broker to Bahrain Bourse (BHB) account and BHB will make the settlement to each broker acting on behalf of the selling Takaful shareholders for the shares surrendered on the trading system. On the offer settlement date, being 29 June 2017, BHB shall effect the transfer of shares and update the shareholders register of Takaful to reflect change in ownership.

Based on the number of shares transferred, the settlement consideration at 95 fils per share will be settled by the broker acting on behalf of the Offeror subject to and as per BHB settlement rules.

Takaful shareholders who have accepted the BKIC offer and have fulfilled the conditions prescribed in the acceptance procedure shall receive the settlement consideration in full at 95 fils per share in accordance with the terms of Offer Document dated 10 May 2017.

The Board of Directors of BKIC and Takaful International wish to thank the Central Bank of Bahrain, Ministry of Industry, Commerce and Tourism, the Capital Market Supervision Directorate and Bahrain Bourse for their invaluable guidance and support for the successful completion of the BKIC offer.

 

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