AXA Cooperative Insurance Company has completed 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.
According to Arab Net, the company added in a statement to Saudi Tadawul that the Gulf Insurance Group has completed the acquisition of 100% of the capital of AXA Gulf Company in Bahrain, which owns In turn, 32% of the capital of AXA Cooperative Insurance Company, at a purchase price of 24.23 Saudi riyals per share.
The company indicated that, indirectly, the Gulf Insurance Group will own 50% of the shares of AXA Cooperative Insurance.
The company continued: There is no significant financial impact reported as a result of the transactions.
In a separate statement, AXA Cooperative Insurance announced a change in the membership of its board of directors as a result of the completion of the Gulf Insurance Group's acquisition of 100% of the capital of AXA Gulf Company in Bahrain.
The company stated that as a result, representatives of AXA Insurance Company in Bahrain and representatives of AXA Mediterranean Holding Company submitted their resignations from the membership of the Board of Directors of AXA Cooperative Insurance Company, and representatives were appointed. About Gulf Insurance Group on 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 operations in the Gulf region. 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 Company (UAE).
Under the terms of the agreement, Gulf Insurance Group will acquire all of AXA's businesses in the Gulf region, for an amount of $474.75 million, including the share of YBA KANOO Group. ), making it one of the largest insurance acquisitions in the region.
