MANAMA, 14 February 2005 — Arab Insurance Group (Arig) is selling its 74.5 percent holdings in Arab Misr Insurance Group (AMIG), Egypt, to Gulf Insurance Company (GIC), Kuwait, Arig and GIC announced in a joint statement yesterday. The sale, subject to approval by Egyptian regulatory authorities, is being effected in two stages, with the first stage involving a transfer of Arig’s 54 percent holdings effective Dec. 30, 2004. Both parties have agreed for transfer of the balance holdings at a date to be determined in the future, until when Arig will continue its participation in AMIG and facilitate a smooth transition to the new owners. The sale of the first tranche of holdings secured a net gain of $1.9 million for Arig. Khalid Al-Hasan, managing director of GIC, commented: “The investment into AMIG is part of a corporate strategy for GIC to expand its regional operations. AMIG provides a perfect platform for realizing this objective in the growing Egyptian market.”
