News & Announcements

ACIG

08 May, 2024 15:33

Allied Cooperative Insurance Group announces receipt of a letter from one of the company’s major shareholders

Element List	Explanation
Announcement Detail	Allied Cooperative Insurance Group announces its receipt of a letter (via email) from Tharwaa Gulf Holding Company, which includes their notification to the Allied Cooperative Insurance Group of the sale of their entire share in the company, representing 4,364,999 shares, which represents 15% of the capital of the Allied Cooperative Insurance Group, at a value of SR 15 per share for a total deal amount of SR 65,474,985 to Private wealth Investment Holding Company, through a private sale deal. It should be noted that the regulatory no-objections were obtained from the concerned authorities in this deal After the transaction is completed, the following will result 1- Tharwaa Gulf Holding Company will not become the owner of any share or shares in Allied Cooperative Insurance Group. 2- Private wealth Investment Holding Company becomes the owner of 15% of the shares of Allied Cooperative Insurance Group.

Element List

Explanation

Announcement Detail

Allied Cooperative Insurance Group announces its receipt of a letter (via email) from Tharwaa Gulf Holding Company, which includes their notification to the Allied Cooperative Insurance Group of the sale of their entire share in the company, representing 4,364,999 shares, which represents 15% of the capital of the Allied Cooperative Insurance Group, at a value of SR 15 per share for a total deal amount of SR 65,474,985 to Private wealth Investment Holding Company, through a private sale deal. It should be noted that the regulatory no-objections were obtained from the concerned authorities in this deal After the transaction is completed, the following will result 1- Tharwaa Gulf Holding Company will not become the owner of any share or shares in Allied Cooperative Insurance Group. 2- Private wealth Investment Holding Company becomes the owner of 15% of the shares of Allied Cooperative Insurance Group.

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