Bank AlJazira buys 4.653M of AlJazira Takaful shares in off-market transaction

Logo of Bank AlJazira

Bank AlJazira purchased 4.653 million shares in AlJazira Takaful Taawuni Co. in an off-market negotiated deal valued at SAR 76.22 million, representing 7.05% of the latter’s capital.

The transaction was executed after obtaining the approval of the Saudi Central Bank (SAMA), according to a statement to Tadawul.

This underpins the bank’s commitment to enhancing the financial sector and expanding its footprint through diversifying its investments. It also echoes the bank’s confidence in the future growth of the local insurance sector.

The transaction will likely have a positive impact in the long term.

Bank AlJazira signed an agreement on May 29 to purchase the 7.05% stake owned by Solidarity Group Holding in AlJazira Takaful, Argaam earlier reported.

AlJazira Takaful witnessed on the same day a negotiated deal on 4.7 million of its shares, totaling SAR 76.2 million. The deal represented about 7.1% of its 66 million share capital.