Kuwait- Mubasher: Gulf Insurance Group announced a 90% acquisition of the Turkish joint-stock company Turins Sigorta A.S, according to a bourse filing Monday.
The acquisition process was completed through buying 10.8 million shares, out of Turins’ 12 million shares, in exchange of TRY 28.22 million (KWD 2.9 million).
The Kuwaiti company pointed out that this deal comes as a part its regional expansion strategy to increase the added value for its clients and shareholders, which support the company’s profitability and diversification of its income resources.
Gulf Insurance operates in Egypt, Jordan, Bahrain and Algeria.
