Addendum announcement from Allianz Saudi Fransi Cooperative Insurance Co. (the "Company"), in accordance with Article (24/c) of the Merger and Acquisition Regulations, regarding the latest developments with regards to the acquisition by Abu Dhabi National Insurance Company PJSC of 51% of the share capital of the Company
| Element List | Explanation |
|---|---|
| Introduction | The announcement made by the Company on the Saudi Exchange dated 09/10/1445H (corresponding to 18/04/2024G) on behalf of Abu Dhabi National Insurance Company PJSC pursuant to Article (24/b) of the Merger and Acquisition Regulations, following on to its acquisition of 51% of the share capital of the Company. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-04-18 Corresponding to 1445-10-09 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | First: Company’s Governance
• The Company will continue to be a listed company on the Saudi Stock Exchange (Tadawul). • The Company will continue to operate within its legal regulatory framework and will continue to exercise its robust governance practices. • The Company’s board of directors will continue to represent all shareholders; perform its duties of care and loyalty in managing the Company’s affairs and undertake all actions in the general interest of the Company and develop it and maximize its value. • The Company’s dividend policy will continue to consider the Company’s financial position, cash flows and investment plans which will enable it to continue to maintain a strong and stable financial position.
Second: Company’s Strategy The transaction is expected to increase synergies and optimization of operating model efficiencies between the Company and Abu Dhabi National Insurance Company PJSC.
Third: Employees The transaction is not expected to result in immediate changes to the Company’s employment affairs. |
| Financial Impact on the change | There is no financial impact on the Company as the transaction is a private cash transaction. |
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