The Financial Market Council (CMF) announced on Wednesday the launch of a mandatory offer for the shares of El Amana Takaful.
This mandatory offer, launched by Al Baraka Bank Tunisia in conjunction with Al Baraka SICAR, targets the remaining shares of El Amana Takaful’s capital that are not held by the two companies, i.e. 720,301 shares representing 51.08% of El Amana Takaful’s capital.
In fact, Al Baraka Bank Tunisia currently holds 448,632 shares (representing 31.81% of the capital of El Amana Takaful) and Al Baraka SICAR holds 241,218 shares (17.11% of the capital of that company), making a total of 689,850 shares, representing together 48.92% of the capital of El Amana Takaful.
According to the same source, the offer price is set at 21.557 dinars per share, excluding brokerage and stock exchange commissions. This mandatory offer will be valid for a period of 20 trading days from July 17, 2023 to August 15, 2023.
The acquisition of El Amana Takaful Insurance Company will enable Al Baraka Group to diversify its product and service offerings to meet the needs of its customers and to attract new customers by offering protection against financial risks through insurance products such as life and health insurance, which will generate additional revenues.
The Group will also benefit from commercial synergies. The bank’s customers can be encouraged to take out insurance policies, while the insurance company’s customers can be encouraged to use the bank’s products. This operation will also serve to reduce Al Baraka Group’s costs by consolidating operations and sharing resources.
