Al Karama Holding has announced its intention to sell 66% of its stake in Union de Placement et de Conseil en Assurances et Réassurance (UPCAR) to an investor who will contribute to the development of an insurance and reinsurance brokerage company.
According to a recent press release issued by Al Karama Holding, the stake to be sold is made up of 50% direct public shareholdings and 16% private shareholdings (individuals), and is open to ‘any Tunisian or foreign investor wishing to participate in this process, whether an individual or legal entity acting alone, or a consortium led by a lead manager and including other investors who are individuals and/or legal entities’.
Insurance companies and individuals or entities with capital links or direct interests in an insurance company are not eligible to participate in this transaction,’ Al Karama Holding added.
According to the company, ‘investors interested in this offer must submit their applications no later than June 24, 2024’, recalling that UPCAR is a limited liability company established in July 1994 with a capital of TND 250,000 divided into 25,000 shares with a nominal value of TND 10 each.
With significant expertise in insurance and reinsurance consulting and brokerage, the company’s management has been able to diversify its portfolio and foster almost continuous growth in its business,’ Al Karama Holding said.
