DUBAI – Goldilocks Investment Company, an indirect subsidiary of Abu Dhabi Financial Group (ADFG), has increased its beneficial ownership in Dubai-listed Islamic Arab Insurance Company, known as Salama, to 14.1 percent, it said on Sunday.
The move reflected Goldilocks’ and ADFG’s bullish outlook on the insurance sector in the United Arab Emirates, Goldilocks said.
Goldilocks raised its stake from 9.9 percent via a share finance facility, it said. Combined, Goldilocks and ADFG continue to hold around 29.9 percent of Salama’s issued shares.
Privately owned ADFG launched Goldilocks in 2015 as an investment fund with a mandate to invest in listed equities.
(Reporting by Tom Arnold; Editing by Adrian Croft) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: firstname.lastname@example.org))