State’s 25%+1 Stake in Oranta Insurance Sold to TuranAlem
3 October 2008
The State Property Fund privatized the government’s 25%+1 stake in Oranta Insurance, the largest ‘classical’ insurance company in Ukraine, to Kazakh bank TuranAlem for about USD 100 mln. The auction’s starting price was USD 16 mln. TuranAlem, which supposedly bought about a 40% stake in the company in early 2006, beat out competitors Credit Center (Kazakhstan) and Alfa Bank (Russia). In 2006 Oranta Insurance’s gross premiums written amounted to USD 95 mln.
