{"id":85350,"date":"2024-04-21T00:00:00","date_gmt":"2024-04-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/adnic-completes-acquisition-of-majority-stake-in-allianz-sf\/"},"modified":"2024-04-21T00:00:00","modified_gmt":"2024-04-21T00:00:00","slug":"adnic-completes-acquisition-of-majority-stake-in-allianz-sf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/21\/adnic-completes-acquisition-of-majority-stake-in-allianz-sf\/","title":{"rendered":"Adnic completes acquisition of majority stake in Allianz SF"},"content":{"rendered":"

Abu Dhabi National Ins. Company (Adnic)<\/a><\/strong> completed its acquisition of a <\/strong>51% <\/strong>stake in Riyadh-based <\/strong>Allianz Saudi Fransi Cooperative Ins. (Allianz SF)<\/a><\/strong>,<\/strong> making it a majority shareholder in the Tadawul-listed insurer, according to an ADX disclosure (pdf)<\/a>. <\/p>\n

The transaction was worth SAR 499 mn<\/strong> and valued Allianz SF at SAR 16.31 per share. <\/p>\n

Background: <\/strong>Adnic and Allianz Group \u2014 Allianz SF\u2019s parent company \u2014 had reached a binding agreement for the transaction back in September 2023<\/a>. The acquisition is part of Adnic\u2019s strategic plan to \u201cextend its presence into the Saudi Arabian market \u2026 and boost its consumer retail portfolio,\u201d it said in the disclosure.<\/p>\n

Some things will stay the same<\/strong>: The announcement saw Allianz SF assuring shareholders that it will remain Tadawul-listed, according to a disclosure to Tadawul<\/a>. Its dividend policy will also remain unchanged, it said.<\/p>\n

About Allianz SF: <\/strong>Allianz SF was established in 2007 as a joint venture between Munich-based multinational financial services company Allianz Group and Banque Saudi Fransi, according to the company\u2019s website<\/a>. The ins. provider saw its bottom line increase 4x y-o-y to SAR 37 mn in 2023<\/a>, while revenues grew to SAR 862.6 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition sees Adnic establishing a footprint in the Saudi insurance market<\/p>\n","protected":false},"author":1,"featured_media":85351,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,14],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"1fd23d2a-fc31-4ea5-88b0-2dec09035f42","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1333.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Adnic completes acquisition of majority stake in Allianz SF","related_issue":[85339],"teaser":"The acquisition sees Adnic establishing a footprint in the Saudi insurance market","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.672867db-ddd3-4949-8177-540d92097e4f.mp3"},"yoast_head":"\nAdnic completes acquisition of majority stake in Allianz SF - 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