Tharwaa Gulf sells 15% stake in ACIG to Private Wealth Investment

08/05/2024 Argaam

Tharwaa Gulf sells 15% stake in ACIG to Private Wealth Investment

Logo of Allied Cooperative Insurance Group (ACIG) 

Tharwaa Gulf Holding Co. sent Allied Cooperative Insurance Group (ACIG) a letter announcing the sale of its entire stake in ACIG, totaling 4.4 million shares, or 15% of capital, to Private Wealth Investment Holding Co. in a private sale transaction.

 

The deal was carried out at a value of SAR 15 per share, totaling SAR 65.5 million, the company said in a statement to Tadawul, adding that the regulatory no-objections were obtained from the concerned authorities for the deal.

 

As a result, Tharwaa Gulf Holding Co. will no longer own any stakes or shares in ACIG, while Private Wealth Investment Holding Co. will acquire a 15% stake.

 

Meanwhile, the Saudi Exchange (Tadawul) saw today, May 8, a negotiated deal on about 4.4 million shares in ACIG, or 15% of the company's capital, at a total value of SAR 65.5 million, according to Argaam's data.

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