AXA Cooperative Insurance Company announced the completion of the sale of AXA Mediterranean Holding Company’s 18% stake in the company to AXA Insurance Company “AXA Gulf” at a purchase price of 24.23 riyals per share.
The company added, in a statement to “Tadawul Saudi” that “Gulf Insurance Group” has completed the acquisition of 100% stake in AXA Gulf Company in Bahrain, which in turn owns 32% of the capital of AXA Cooperative Insurance Company, at a purchase price of 24.23 Saudi riyals per share.
The company indicated that in based on this, “Gulf Insurance Group” will hold 50% of the shares of “AXA Cooperative Insurance”, indirectly.
The company continued: “There is no significant financial impact as a result of the transactions.”
In a separate statement, AXA Cooperative Insurance announced a change in the composition of its board of directors following the completion of the Gulf Insurance Group’s acquisition of 100% stake in AXA Gulf Company in Bahrain.
The company stated that, consequently, representatives of AXA Insurance Company in Bahrain and representatives of AXA Mediterranean Holding Company have resigned as a member of the Board of Directors of AXA Cooperative Insurance Company and representatives of the Gulf Insurance Group have been appointed to the Board of Directors of AXA Cooperative Insurance Company.
In November 2020, the Gulf Insurance Group announced the signing of an agreement with AXA to acquire its insurance business in the Gulf region and the agreement includes AXA’s stake. in AXA Gulf (Bahrain, United Arab Emirates, Oman and Qatar), AXA Cooperative Insurance Company (Saudi Arabia) and AXA Green Crescent Insurance (UAE).
Under the terms of the agreement, Gulf Insurance Group will acquire all of AXA’s business in the Gulf region, for an amount of $ 474.75 million, including the Yusuf Bin Ahmed Kanoo Group (YBA KANOO) holding, making it one of the largest insurance acquisitions in the region.
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