Allianz SE sells stake in Allianz SF to ADNIC for SAR 499 mln

Logo of Allianz Saudi Fransi Cooperative Insurance Co.

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) said it was notified by Allianz SE of its decision to sell all its indirectly held shares in the Saudi-listed insurer to Abu Dhabi National Insurance Co. (ADNIC).

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

On Sept. 27, the three subsidiary firms entered a binding sale and purchase agreement (SPA) with ADNIC, following which the Abu Dhabi-based company will acquire the shares for $133.1 million (SAR 499 million), Allianz SF said in a statement to Tadawul.

The transaction is subject to certain conditions and regulatory approvals, it added.

Once complete, ADNIC will directly own 51% of Allianz SF, while Allianz SE will cease to hold, directly or indirectly, any shares in the company.

The change in shareholding is not expected to have any impact on the continuity of the company’s insurance services, the Saudi insurer said, noting that any material developments will be announced in due course.

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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