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Addendum announcement from Allianz Saudi Fransi Cooperative Insurance Co. (the "Company"), in accordance with Article (24/c) of the Merger and Acquisition Regulations, regarding the latest developments with regards to the acquisition by Abu Dhabi National Insurance Company PJSC of 51% of the share capital of the Company
| Element List | Explanation |
|---|---|
| Introduction | The announcement made by the Company on the Saudi Exchange dated 09/10/1445H (corresponding to 18/04/2024G) on behalf of Abu Dhabi National Insurance Company PJSC pursuant to Article (24/b) of the Merger and Acquisition Regulations, following on to its acquisition of 51% of the share capital of the Company. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-04-18 Corresponding to 1445-10-09 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | First: Company’s Governance • The Company will continue to be a listed company on the Saudi Stock Exchange (Tadawul). • The Company will continue to operate within its legal regulatory framework and will continue to exercise its robust governance practices. • The Company’s board of directors will continue to represent all shareholders; perform its duties of care and loyalty in managing the Company’s affairs and undertake all actions in the general interest of the Company and develop it and maximize its value. • The Company’s dividend policy will continue to consider the Company’s financial position, cash flows and investment plans which will enable it to continue to maintain a strong and stable financial position. Second: Company’s Strategy The transaction is expected to increase synergies and optimization of operating model efficiencies between the Company and Abu Dhabi National Insurance Company PJSC. Third: Employees The transaction is not expected to result in immediate changes to the Company’s employment affairs. |
| Financial Impact on the change | There is no financial impact on the Company as the transaction is a private cash transaction. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 21.64
Net Change -0.02 (-0.09%)
Value Traded (Sar) 18,209,901.2
Volume Traded 835,148
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