Allianz SF: Allianz SE sells all company’s shares for SAR 499 million

Allianz Saudi Fransi Cooperative Insurance 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 to Abu Dhabi National Insurance Company PJSC (“ADNIC”).

The company stated on Tadawul that, accordingly, these three subsidiaries have on 27 September 2023 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 SAR 499 million. Completion of the overall transaction is subject to certain conditions and regulatory approvals.

Noting that 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.

In addition, 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.