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Dubai Investments offers to take over National General Insurance in $127 mln deal

Dubai Investments has made a proposal to achieve full possession of Nationwide Normal Insurance coverage Co (NGI), it mentioned on Wednesday, in a deal that values the corporate at almost 468 million dirhams ($127.43 million).

Dubai Investments, which owns 45.2% of NGI in accordance with Refinitiv knowledge, mentioned it’s providing to purchase all or a part of the NGI shares held by shareholders at 3.12 dirhams ($0.8495) every.

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The deal values the 55% stake in NGI held by traders at about 256.48 million dirhams, in accordance with Reuters calculations.

Dubai Funding mentioned the provide interval begins on Dec. 29 and can be open for 15 working days.

($1 = 3.6726 UAE dirham)

Reporting by Hadeel Al Sayegh; Modifying by Rashmi Aich

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