Fairfax Acquires Additional 46.32% Interest from KIPCO in Gulf Insurance Group with Success
Additional Paid In Capital: 46.32% Interest Now
December 26, 2023, Toronto (GLOBE NEWSWIRE) — The previously announced acquisition of all the shares of Gulf Insurance Group K.S.C.P. (“GIG”) (KW: GINS) under the control of Kuwait Projects Company (Holding) K.S.C.P.
And certain of its affiliates has been successfully completed, according to Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U). This acquisition accounts for approximately 46.32% of GIG’s equity. Following the closing, Fairfax’s ownership stake in GIG climbed from 43.69% to 90.01%.
Paul Adamson, the CEO of GIG Gulf, and Khaled Saoud al Hasan, the Group CEO of GIG, will continue to lead GIG. In compliance with Kuwait’s Capital Markets Authority regulations, Fairfax plans to initiate
Additional Abbreviation
A required tender offer made to GIG’s remaining shareholders in the first quarter of 2024.
“We are ecstatic to have GIG join the Fairfax Group, along with its talented and experienced team led by Paul Adamson and Khaled Saoud Al Hasan,” stated Prem Waste, Fairfax’s chairman and CEO.
“We look forward to working with Khaled, Paul, and the entire GIG team to further develop GIG’s business over the long term. GIG has a very strong presence in the Middle East and North Africa.”
Article content: Fairfax is a holding company that mainly deals in property and casualty insurance, reinsurance, and related investment management through its subsidiaries.
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