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Alinma Bank Announces Purchase of (4,589,314) Shares in Arabian Shield Cooperative Insurance Co.
1150
ALINMA
-0.97
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1445/07/24 05/02/2024 15:39:58
| Element List | Explanation |
|---|---|
| Introduction | Alinma Bank Announces Purchase of (4,589,314) Shares in Arabian Shield Cooperative Insurance Co. |
| Transaction Details | Alinma Bank announces the completion of a Private Transaction to purchase (4,589,314) shares Arabian Shield Cooperative Insurance Co., which the bank had previously announced on 16/01/2024 the signing of an agreement to purchase the shares of Tokio Marine & Nichido Fire Insurance (TMNF) in Arabian Shield Cooperative Insurance Co., which represents 5.75% of the company’s capital, after obtaining the non-objection to the purchase request from the Saudi Central Bank “SAMA” and the Insurance Authority. |
| Transaction Value | (81,026,888) Saudi riyals |
| Transaction Terms | There are no preferential terms |
| Parties of the Transaction | - Alinma bank (the buyer) - Tokio Marine & Nichido Fire Insurance (TMNF) (the seller) |
| Transaction Funding Method | Resources of Alinma Bank |
| Transaction Execution Date | 2024-02-05 Corresponding to 1445-07-24 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | Provides various insurance products, including medical insurance, motor insurance, property insurance, engineering and marine insurance, liability and accident insurance for individuals and companies, protection and savings Insurance for companies. |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | https://www.saudiexchange.sa/wps/portal/saudiexchange/hidden/company-profile-main/!ut/p/z1/04_Sj9CPykssy0xPLMnMz0vMAfIjo8ziTR3NDIw8LAz83d2MXA0C3SydAl1c3Q0NvE30I4EKzBEKDMKcTQzMDPxN3H19LAzdTU31w8syU8v1wwkpK8hOMgUA-oskdg!!/?companySymbol=8070 |
| Transaction reasons | This transaction reinforces the Bank’s commitment to enhancing the financial sector and expanding its footprint through diversifying its investments, as well as reflecting the bank’s confidence in the future growth of the insurance sector. |
| Expected Impact of the Transaction on the Company and Its Operations | Positive impact on the long term. |
| Related Parties | N/A |
| Additional Information | N/A |
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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