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UAE's RAKBANK buys 79.23 pct of RAK National Insurance in tender offer
May 28, 2015 / 12:11 PM / 3 years ago

UAE's RAKBANK buys 79.23 pct of RAK National Insurance in tender offer

DUBAI, May 28 (Reuters) - United Arab Emirates-based National Bank of Ras Al Khaimah (RAKBANK) on Thursday said it had bought a 79.23 percent stake in Ras Al Khaimah National Insurance after a making a public offer to shareholders.

RAKBANK, the sixth-largest lender by market value on the Abu Dhabi bourse, said on May 19 it was looking to buy all or majority of the insurance firm’s shares at a price of 3.64 dirhams a share.

The lender acquired 87.15 million shares at a total value of 317.2 million dirhams ($86.37 million), it said in a bourse filing on Thursday. ($1 = 3.6730 UAE dirham) (Reporting by Hadeel Al Sayegh; Editing by Olzhas Auyezov)

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