AXA Insurance says AXA Med completes sale of 18% stake to AXA Gulf

Logo of AXA Cooperative Insurance Co.

AXA Cooperative Insurance Co. announced that AXA Mediterranean Holding S.A. (AXA Med) completed the sale of its 18% stake in AXA Cooperative to AXA Insurance B.S.C (AXA Gulf), at SAR 24.23 per share, according to a bourse statement today, Sept. 7.

Additionally, Gulf Insurance Group K.S.C.P. (GIG) completed 100% acquisition of AXA Gulf in Bahrain – a 50:50 joint venture between AXA Group and Yusuf Bin Ahmed Kanoo Co. (YBA Kanoo), which owns 32% of AXA Cooperative at an equivalent value of SAR 24.23 per share.

Accordingly, GIG now indirectly owns 50% of AXA Cooperative, the statement added.

There is no financial impact due to this transaction, the company said.

According to the data available with Argaam, two special deals were made on AXA Cooperative shares – of about nine million shares with a value of SAR 218 million – representing nearly 18% of the company's 50 million shares.

In November last year, AXA Cooperative announced that AXA Group had decided to sell its insurance operations in the Gulf region.

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