ABU DHABI: Shareholders of National Bank of Ras Al Khaimah (RAKBANK) have approved a 3.64-dirham ($0.99) per share offer to buy a majority stake in Ras Al Khaimah National Insurance Co, the bank said on Monday.
RAKBANK's proposed price is slightly below RAK insurance's closing price on Aug. 17 of 3.7 dirhams. The stock has not traded on Monday.
RAKBANK did not specify the size of the stake it wants to acquire.
The government of Ras Al Khaimah, which is one of seven emirates of the United Arab Emirates, owns about 50 percent of each company.
RAKBANK, which also offers insurance services, may look to consolidate the operations upon acquiring one of the UAE's oldest insurance companies. (Reuters)