The National Insurance Company announced that it had received a letter from Ibrahim Al-Juffali & Brothers Company and Sunak Insurance Company, including the execution of a private off-market transaction.
The company said in a statement on “Saudi Tadawul” today, Thursday, that the letter included the implementation of a special deal outside the market, whereby the “Sunak Insurance” company sells 5.5 million shares of its shares in the “National Insurance Company” to “Ibrahim Al-Juffali and Brothers”, i.e. 13.75%. % of the capital of “National Insurance” at a value of 10 riyals per share.
She explained that the total value of the deal amounts to 55 million riyals, according to the agreement concluded between them, and according to the Saudi Central Bank’s non-objection to that agreement.
She added that after the completion of the deal, the ownership of the “Sinak Insurance” company in the “National Insurance Company” decreases from 10 million shares, or 25%, to become the number of its shares is 4.5 million shares, or 11.25% in the “National Insurance Company”.
And she indicated that after the completion of the deal, the share of “Ibrahim Al-Juffali and Brothers” company in the “National Insurance Company” will increase from 6.45 million shares, or 16.125%, to become 11.95 million shares, or 29.875% of the shares of the “National Insurance” company.
