Kardan takes 75% stake in Albanian insurer Sigma for 16.2 million euro

AMSTERDAM, Sep. 24 – Kardan NV said it has take a 75 percent stake in Albanian insurance company Sigma Albania for 16.2 million euro, higher than the earlier announced stake of 60 percent for 12.9 million, according to Thomson Financial. The company said Sigma is primarily active in non-life insurance and is the second largest insurance company in Albania. Sigma owns a 100 percent stake in Sigma Macedonia and has a branch office in Kosovo.
Kardan, which made the acquisition via its subsidiary TBIH Financial Services Group NV (TBIH), said the agreement includes an option for the minority shareholders to sell up to 50 pct of their holdings to TBIH during the six month period following the publication of the 2010 financial statements of Sigma and the remaining shares during the six month period following the publication of the 2011 financial statements of Sigma.