Kuwait-Mubasher: Wethaq Takaful Insurance’s board agreed on selling the company’s entire stake in Wethaq Egypt, said chairman Abdullah Al Saif.

The Kuwaiti company clarified that the exit decision was due to the Egyptian market’s current trend and the devaluation of the Egyptian pound.

Wethaq Takaful said that its shareholders’ equity grew to 5.81%, amid a progress in insurance agreements signed in 2015, Al Saif said according to a statement.

The company’s operating profits increase by 1.26% to about KWD 1 million during the fiscal year 2015.