Allianz shareholders approve amending some articles of association

Logo of Allianz Saudi Fransi Cooperative Insurance Co.

Allianz Saudi Fransi Cooperative Insurance Co. said in a bourse statement that its extraordinary general meeting (EGM), held on Dec. 29, approved amending some articles of association.

The amendments include the company's purposes, participation, ownership in companies, capital changes, shares trading and investments.

Article 3 on the company’s objectives after amendment stipulates that the company will undertake cooperative insurance business in the general, health, as well as protection and savings insurance. The company may also undertake all the work needed to achieve its purposes and exercise its activities, as per the Cooperative Insurance Companies Control Law, and its Executive Regulations, as well as the rules of the Saudi Central Bank (SAMA), and the regulations applicable in the Kingdom, after obtaining the necessary licenses from the competent authorities, if any.