Mubasher: Gulf Insurance Group (GIG) announced the takeover of a 9.6% stake in Compareit4me Holdings Limited for $4.25 million.
The acquisition deal is in line with the group’s strategy aiming to enhance and develop the deployment of modern technology techniques and the digitisation of distribution channels and electronic selling methods, according to a bourse disclosure on Sunday.
In addition, it will develop the company's insurance products and services.
The transaction’s impact will be registered in the insurer’s financial statements for the second quarter (Q2) ending on 30 June 2020.
It is worth pinpointing that by 2019 year-end, the group reported an increase in profits by 12% to KWD 13.3 million ($44 million), compared with KWD 11.9 million ($39.2 million) for 2018.
