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Allianz Saudi Fransi Cooperative Insurance Company (the "Company") has been notified by Allianz SE of its decision to sell all of its shares in the Company (which it indirectly holds through its subsidiaries Allianz Europe B.V., Allianz France S.A. and Allianz MENA Holding (Bermuda) Limited) to Abu Dhabi National Insurance Company PJSC
| Element List | Explanation |
|---|---|
| Announcement Detail | Allianz Saudi Fransi Cooperative Insurance Company (the "Company") has been notified by Allianz SE of its decision to sell all its shares in the Company that it indirectly holds through its three subsidiaries (Allianz Europe B.V., Allianz France S.A. and Allianz MENA Holding (Bermuda) Limited) and which, in aggregate, represent 51% of the share capital of the Company (the "Sale Shares") to Abu Dhabi National Insurance Company PJSC ("ADNIC"). Accordingly, these three subsidiaries have on 27 September 2023G entered into a legally binding sale and purchase agreement with ADNIC pursuant to which ADNIC will acquire the Sale Shares at a total price of USD 133,068,800 (being SAR 499,008,000). Completion of the overall transaction is subject to certain conditions and regulatory approvals. Upon completion of the overall transaction, ADNIC will directly own 51% of the share capital of the Company and Allianz SE will cease to hold, directly or indirectly, any shares in the Company. The change in shareholding is not expected to have any impact on the continuity of the Company’s insurance services for its customers and partners in the Kingdom. The Company will continue to announce any material developments in due course. |
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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