Allianz SF says Allianz SE sold entire stake to ADNIC

Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) received a notice from Allianz SE on selling its entire shares in the Saudi-listed insurer to Abu Dhabi National Insurance Co. (ADNIC), according to a statement to Tadawul.

Allianz SE offloaded 30.6 million shares at a weighted price of SAR 16.31 per share, at a total value of $133.07 million, or SAR 499 million.

Six negotiated deals were executed, on April 17, on 30.6 million of Allianz SF shares at a total value of SAR 499 million. These deals represented nearly 51% of the company’s share capital reaching 60 million shares.

Allianz SF said earlier 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.

source: argaam