IGI gets Dubai regulator's nod for Tiberius transaction
Following approval from the Bermuda Monetary Authority (BMA) in January, International General Insurance Holdings (IGI) has received two additional regulatory approvals in connection with its acquisition of Tiberius Acquisitions Corporation, a publicly traded special purpose acquisition company.
The Dubai Financial Services Authority (DFSA) and Share Exchange Agreements from existing IGI shareholders holding 100 percent of the issued and outstanding IGI common shares have given a go-ahead, however, approval from the UK's Prudential Regulation Authority is still awaited.
The DFSA approval, received on February 3, 2020, is one of the necessary steps towards successfully completing the transaction with Tiberius.
IGI intends to close the business combination two business days after the satisfaction of the requisite closing conditions and approvals contained in the Business Combination Agreement. Upon close, IGI will be domiciled in Bermuda as International General Insurance Holdings.
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