Banque Saudi Fransi (BSF) completed on Thursday the sale of an 18.5 percent stake in Allianz Saudi Fransi Cooperative Insurance Co. to Allianz Europe BV at SAR 22.00 per share, totaling SAR 81.4 million.
BSF recognized a total capital gain of SAR 97 million, the bank said in a bourse statement.
The related financial impact is likely to reflect on BSF’s financial statements in Q1 2018, and the capital gain will be added to its income statement.
BSF will maintain its holding in Allianz SF at 14.0 percent and its position as a strategic partner to continue supporting the insurer.
No related parties are involved in the deal, the statement added.
Last October, the lender signed an agreement with Allianz Europe BV for the sale of 3,700,000 shares in Allianz SF, which represents 57 percent of BSF shares in the insurer and 18.5 percent of Allianz SF's total shares.
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