Bank AlJazira (1020.SR) has announced the successful completion of a private, off-market transaction to purchase 4,653,109 shares in AlJazira Takaful Taawuni Company. This transaction, initially disclosed on 29 May 2024, involves the acquisition of shares from Solidarity Group Holding B.S.C. (C), representing 7.05% of AlJazira Takaful Taawuni’s capital, following the Saudi Central Bank’s (SAMA) non-objection to the purchase request.
Transaction Details
The transaction was completed for a total amount of 76,217,925.42 Saudi Riyals. There are no preferential terms attached to this transaction. The parties involved are Bank AlJazira, acting as the buyer, and Solidarity Group Holding B.S.C. (C), as the seller. The acquisition was financed through the resources of Bank AlJazira.
Date of Transaction
The formal completion of the transaction was recorded on 2 June 2024, corresponding to 25 November 1445H.
AlJazira Takaful Taawuni’s Business Activities
AlJazira Takaful Taawuni is engaged in offering a wide array of insurance products. These include medical insurance, motor insurance, marine insurance, accident and liability insurance, property insurance, engineering insurance, aviation insurance, and protection and savings insurance.
Strategic Importance
This strategic acquisition underlines Bank AlJazira’s commitment to bolstering the financial sector and diversifying its investment portfolio. The bank’s confidence in the robust future growth of the insurance sector is demonstrated through this significant investment. By enhancing its stake in AlJazira Takaful Taawuni, Bank AlJazira aims to reinforce its market presence and expand its financial footprint.
Expected Impact
The acquisition is anticipated to have a positive long-term impact on Bank AlJazira’s operations and its overall strategic growth, fostering sustained development within the financial and insurance sectors.
