Sukoon in Dubai completes acquisition of majority stake in Ascana

Sukoon, based in Dubai, has successfully completed the acquisition of the controlling share in Ascana.

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Dubai-listed Sukoon, formerly known as Oman Insurance Company, has successfully executed a special deal through Dubai Clear to acquire 93.0432% of the share capital of Arabian Scandinavian Insurance Company P.S.C. (ASCANA).

In December 2022, Sukoon reached an agreement to purchase shares of the DFM-listed takaful insurance in order to acquire a majority ownership of more than 93% of the company.

Sukoon has stated in a statement that it intends to make an offer to buy the shares of the remaining shareholders of ASCANA as soon as it obtains the necessary clearances from the relevant regulatory agencies.

The insurance did not make public any information on the monetary worth of the deal.