Riyadh – Mubasher: Banque Saudi Fransi (BSF) signed an agreement with Allianz Europe BV to sell 3.7 million shares in Allianz Saudi Fransi Cooperative Insurance Co.

The shares that will be sold represent 57% stake of the bank in Allianz Saudi Fransi Cooperative Insurance Co., while they make up 18.5% of the company capital.

The value of the transaction amounts to SAR 81.4 million, at SAR 22 per shares, and the bank achieves SAR 37.8 million profits.

The deal’s financial impact will be appear in BSF’s financial results in the period that follow the transaction.

BSF will remain its 14% stake of Allianz Saudi Fransi Cooperative Insurance Co.

By 1:17 pm KSA time, Allianz Saudi Fransi Cooperative Insurance Co.'s stock shed 0.29% to SAR 34.70, while BSF's stock lost 1.33% to reach SAR 29.