Doha, October 26 (QNA) – Qatar Insurance approved the sale of two wholly-owned Gibraltar-based subsidiaries namely West Bay Insurance Plc and Markerstudy Insurance Co. Ltd.
The Group is in active discussions with a potential institutional buyer. Certain material milestones were completed by end of September 2022. On Oct. 17, the board executive committee provided the approval and authorized the management to conclude the transaction which was confirmed by the board of directors on Oct. 26, 2022. The sale is expected to be completed within a year from the reporting date subject to approval from relevant regulatory authorities. On Sep. 30, 2022 the companies were classified as a disposal group held for sale and as a discontinued operation. The business of Gibraltar-based subsidiaries underwrites UK motor insurance. This transaction is subject to approval from relevant regulatory authorities. (QNA)
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