Kuwait – Mubasher: Wethaq Takaful Insurance Company board of directors gave a nod Wednesday to selling its entire stake in Rasameel Structured Finance.

(Wethaq added, in a bourse filing that it sold 5.25 million shares in Rasameel, for KWD 472,500.)

The takaful insurance services provider would receive an amount of KWD 472,500 in return of selling its 5.25 million shares in Rasameel, a bourse statement said Thursday.

It also said the financial impact from the divestiture will be represented in KWD 78,750 losses.

Noteable that the Kuwaiti shareholding company earlier made a similar move as it exited Wethaq Takaful Insurance – Egypt for KWD 1.3 million ($4.3 million).