Dubai’s Sukoon Secures Majority Stake in Ascana, Completes Acquisition

Sukoon, previously known as Oman Insurance Company, has successfully finalized its acquisition of a significant 93.0432% stake in Arabian Scandinavian Insurance Company P.S.C. (ASCANA). The deal, facilitated through Dubai Clear, marks a significant milestone for Sukoon as it expands its presence in the insurance sector.

The agreement, originally inked in December 2022, solidifies Sukoon’s position as a major player in the DFM-listed takaful insurance industry. With this strategic move, Sukoon aims to capitalize on ASCANA’s market potential and enhance its offerings to customers.

As part of the acquisition, Sukoon has expressed its intention to extend an offer to purchase the remaining shares from ASCANA’s other shareholders. However, this move is subject to the necessary regulatory approvals, which Sukoon anticipates receiving in due course.

While the financial specifics of the acquisition remain undisclosed, industry insiders speculate that the deal holds substantial value given the prominence and reputation of ASCANA in the market. The acquisition further reinforces Sukoon’s commitment to growth and consolidating its position in the insurance landscape.

By expanding its portfolio through this acquisition, Sukoon expects to bolster its capabilities and provide an extensive range of insurance products and services to its expanding customer base. The move is anticipated to drive significant synergy and enable Sukoon to leverage ASCANA’s expertise and customer relationships.

This acquisition aligns with Sukoon’s overarching strategy to expand its footprint and broaden its market reach. The insurer aims to diversify its offerings, enhance operational efficiencies, and capture emerging opportunities in the insurance sector. The acquisition of ASCANA represents a decisive step forward in achieving these strategic goals.

With the completion of this transaction, Sukoon sets its sights on integrating ASCANA’s operations seamlessly into its existing business structure. The insurer plans to leverage synergies between the two entities to foster growth and deliver enhanced value to its stakeholders. Sukoon’s extensive industry knowledge, coupled with ASCANA’s expertise, is expected to result in a formidable market presence.

Sukoon’s rebranding from Oman Insurance Company is another testament to its transformational journey. The company seeks to redefine its brand identity and align it with its evolving vision and goals. The decision to adopt the name Sukoon reflects the insurer’s commitment to providing peace of mind and comprehensive insurance solutions to its customers.

The acquisition of ASCANA comes at a time when the insurance industry is witnessing notable growth and evolving customer demands. Sukoon’s strategic move is a calculated response to tap into this lucrative market and cater to the evolving needs of policyholders. The acquisition not only bolsters Sukoon’s market position but also positions the company to navigate future industry trends effectively.

As Sukoon sets its sights on the future, it remains focused on strengthening its market presence, expanding its product offerings, and delivering exceptional customer experiences. The acquisition of ASCANA provides a strong foundation for Sukoon’s growth trajectory, enabling the company to navigate the dynamic landscape of the insurance sector with confidence and resilience.

About Sukoon
Sukoon, formerly known as Oman Insurance Company, is a prominent insurance company based in Dubai. With a history of providing reliable insurance solutions, Sukoon is committed to delivering comprehensive coverage and exceptional customer service. The company’s recent acquisition of a majority stake in ASCANA solidifies its position as a leading player in the insurance industry and underscores its dedication to growth and innovation.

Disclaimer: This article is a work of analysis and reporting based on available information and should not be considered financial or investment advice.

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