GAC approves ADNIC’s acquisition of 51% stake in Allianz SF

14/02/2024 Argaam

GAC approves ADNIC’s acquisition of 51% stake in Allianz SF

The General Authority for Competition (GAC) approved the acquisition of a 51% stake in Allianz Saudi Fransi Cooperative Insurance Co. by Abu Dhabi National Insurance Co. (ADNIC). The acquisition was greenlit among 13 applications approved in January.

 

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) said, on Sept. 28, 2023 it was notified by Allianz SE of its decision to sell all its indirectly held shares in the Saudi-listed insurer to ADNIC.

 

Allianz SE holds 51% of Allianz SF through three subsidiaries: Allianz Europe BV, Allianz France SA and Allianz MENA Holding (Bermuda) Ltd.

 

According to data compiled by Argaam, Allianz Europe BV holds 18.50% stake in Allianz SF, while Allianz France SA and Allianz MENA Holding (Bermuda) Ltd. have a 16.25% interest each.

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