Indirectly… “Gulf Insurance Group” acquires 50% of “AXA Cooperative”

Indirectly… “Gulf Insurance Group” acquires 50% of “AXA Cooperative”
Indirectly… “Gulf Insurance Group” acquires 50% of “AXA Cooperative”

AXA Cooperative Insurance Company announced the latest developments regarding receiving a notification from one of its shareholders – AXA Mediterranean Holding Company – that the AXA Group decided to sell its insurance business in the Arabian Gulf region.

AXA Cooperative Insurance Company announced the completion of the following transactions, the group’s decision:

– Completing the sale of AXA Mediterranean Holding Company’s 18 percent stake in AXA Cooperative Insurance Company to AXA Insurance Company (Gulf) BSC (“AXA Gulf Company”) at a purchase price of 24.23 riyals per share.

– The completion of the Gulf Insurance Group by acquiring 100 percent of the capital of AXA Gulf Company in Bahrain, which in turn owns 32 percent of the capital of the AXA Cooperative Insurance Company, at a purchase price of 24.23 riyals per share, thus Gulf Insurance Group owns 50 percent Indirectly from the shares of AXA Cooperative Insurance Company.

Source

Indirectly Gulf Insurance Group acquires AXA Cooperative

 
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