Abu Dhabi (Etihad)
Abu Dhabi National Insurance Company intends to acquire 51% of the capital of “Saudi Allianz Cooperative Insurance”, a Saudi company listed on the Saudi financial market “Tadawul” and operating in the insurance sector, explaining in a disclosure to the Abu Dhabi Securities Market that the total value of the acquisition deal amounts to To 133 million dollars (500 million dirhams).
ADNEC said that the deal represents an essential pillar of the company’s strategy and will help enable it to expand its presence to include Saudi Arabia.
Abu Dhabi National Insurance stated that the deal is expected to be implemented in the coming months after obtaining the necessary approvals from the relevant regulatory and supervisory authorities, and the financial results of the target company will be integrated into the company’s future financial results, revealing that it intends to finance the deal through its internal financial resources. It has sufficient external financing sources from banks if it becomes necessary to obtain external financing upon completion of the deal. The purchase price related to the deal will also be transferred on the date of its completion (that is, after obtaining all necessary approvals from the regulatory and supervisory authorities related to the deal).
2023-09-28 21:11:24
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