Addendum Announcement from Gulf Insurance Group (“GIG Saudi”) in regards to the latest developments in respect of a previous notification by its shareholder, Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) of the potential change in the shareholding of its parent company, Gulf Insurance Group K.S.C.P. (“GIG Kuwait”).
| Element List | Explanation |
|---|---|
| Introduction | Gulf Insurance Group (“GIG Saudi”) announces the latest developments in respect of a previous notification by its shareholder, Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) an entity registered in Bahrain, of the potential change in the shareholding of its parent company, Gulf Insurance Group K.S.C.P. (“GIG Kuwait”) an entity registered in Kuwait. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2023-04-25 Corresponding to 1444-10-05 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | With reference to GIG Saudi's announcement made on 25 April 2023 in respect of the notification by its shareholder, GIG Gulf (an entity registered in Bahrain) of the potential change in the shareholding of its parent company GIG Kuwait (an entity registered in Kuwait), we would like to inform our esteemed shareholders that GIG Saudi has received a further notification from GIG Gulf as its majority shareholder on the completion of the execution of the off-market trades which when settled will see a change in the ownership structure of its parent company, , Gulf Insurance Group K.S.C.P. (“GIG Group Kuwait”).
Following receipt of the relevant regulatory approvals, and pursuant to an agreement entered into on 19 April 2023, Kuwait Projects Company (Holding) K.S.C.P. (“KIPCO”) and Fairfax Barbados (International) Corp. (“Fairfax Barbados”), an entity that is part of a group of companies of which the ultimate parent is Fairfax Financial Holdings Limited (the “Fairfax Group”), completed the execution of the off-market trades on 13 December 2023 with settlement to occur at a later time in line with applicable mechanisms. Completion of the transaction will result in the transfer of KIPCO’s 46.32% shares to Fairfax Barbados with the Fairfax Group owning 90.01% of GIG Kuwait, which in turn owns 99% of GIG Gulf. GIG Gulf owns 50% of GIG Saudi.
This change of the shareholding in GIG Kuwait, will not impact the legal structure of GIG Saudi, the Board of Directors, operating model, management, employees, customers or branding of GIG Saudi. |
| Financial Impact on the change | There are no changes |
| Additional Information | The Fairfax Group is one of the world’s largest global insurers operating across 40 markets, engaged in property, casualty insurance and reinsurance and investment management. |
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