Riyadh – Mubasher: Bank Aljazira has completed an off-market private transaction to buy 4.65 million shares in AlJazira Takaful Taawuni.

The acquired stake represents 7.05% of the company’s capital, according to a bourse filing.

Bank Aljazira bought the stake from Solidarity Group Holding under an agreement signed on 29 May 2024.

It is worth noting that the bank’s net profit surged to SAR 300.40 million in the first quarter (Q1) of 2024 from SAR 204 million.

The net profit of Aljazira Takaful Taawuni jumped to SAR 12.78 million in Q1-24 from SAR 7.12 million.