Banque Saudi Fransi (BSF) said that it has signed an agreement with Allianz Europe BV on Wednesday for the sale of 3,700,000 shares in Allianz Saudi Fransi Cooperative Insurance Co. which represents 57 percent of BSF shares in the insurer and 18.5 percent of Allianz SF's total shares.
The sale transaction has a value of SAR 22 per share and an overall consideration of SAR 81.4 million. The bank will realize a capital gain of SAR 37.8 million from this transaction.
In a separate statement, Allianz SF said the transaction has received Saudi Arabian Monetary Authority’s (SAMA) no-objection and will be completed by Allianz Europe BV, a fully owned subsidiary of Allianz SE.
The transaction will be subject to further regulatory approvals, the insurer said in a statement on Tadawul.
Following the completion of the transaction, Allianz Group will hold 51.0 percent of Allianz SF while Allianz Europe BV will hold 18.5 percent, Allianz France International 16.25 percent and Allianz Mena Holding Bermuda 16.25 percent. Banque Saudi Fransi will maintain a 14.0 percent share in the Saudi –listed insurer.
Banque Saudi Fransi will remain a strategic partner of Allianz Saudi Fransi, the statement added.
Comments
{{DisplayName}}
{{ElapsedTime}}