France-based insurer AXA Group and its U.A.E. partner Kanoo Group plan to purchase a majority shareholding in U.A.E.-based Green Crescent Insurance Co., Reuters reported.
Green Crescent said if the deal is approved, "AXA Group and Kanoo Group would be the primary investors of a capital increase of 100 million U.A.E. dirhams ($27.2 million) via a convertible bond instrument."
Once these bonds are converted, Green Crescent's capital would increase to AED 200 million ($54.4 million).