AXA Cooperative Insurance Company ("AXA CIC") has been notified by its shareholder AXA Mediterranean Holding S.A. ("AXA Med") that the AXA Group has decided to sell its insurance operations in the Gulf region.

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Announcement Detail	AXA Cooperative Insurance Company ("AXA CIC") has been notified by its shareholder AXA Mediterranean Holding S.A. ("AXA Med") that the AXA Group has decided to sell its insurance operations in the Gulf region. Accordingly, AXA Med has entered into a share purchase agreement with Gulf Insurance Group K.S.C.P ("GIG") dated 14/04/1442H (corresponding to 29/11/2020G) to sell its insurance operations in the Gulf region, which includes the sale of its 18% shareholding in AXA CIC at a price of SAR 24.23 per share (being USD 6.46 per share converted into SAR at a rate of 3.75 SAR per USD). As part of the overall transaction in the Gulf region, GIG will also acquire 100% of the share capital of AXA Insurance (Gulf) B.S.C in Bahrain (which is a 50:50 joint venture between the AXA Group and YUSUF BIN AHMED KANOO COMPANY W.L.L), which owns 32% of the share capital of AXA CIC at an equivalent value of SAR 24.23 per share.

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Explanation

Announcement Detail

AXA Cooperative Insurance Company ("AXA CIC") has been notified by its shareholder AXA Mediterranean Holding S.A. ("AXA Med") that the AXA Group has decided to sell its insurance operations in the Gulf region. Accordingly, AXA Med has entered into a share purchase agreement with Gulf Insurance Group K.S.C.P ("GIG") dated 14/04/1442H (corresponding to 29/11/2020G) to sell its insurance operations in the Gulf region, which includes the sale of its 18% shareholding in AXA CIC at a price of SAR 24.23 per share (being USD 6.46 per share converted into SAR at a rate of 3.75 SAR per USD). As part of the overall transaction in the Gulf region, GIG will also acquire 100% of the share capital of AXA Insurance (Gulf) B.S.C in Bahrain (which is a 50:50 joint venture between the AXA Group and YUSUF BIN AHMED KANOO COMPANY W.L.L), which owns 32% of the share capital of AXA CIC at an equivalent value of SAR 24.23 per share.

Upon completion of the overall transaction, GIG will directly and indirectly own 50% of the shareholding of AXA CIC.

Completion of the overall transaction is subject to certain conditions and regulatory approvals.

The change in shareholding is not expected to have any impact on the continuity of AXA CIC’s insurance services for its customers and partners in the Kingdom. The company will continue to announce any material developments in due course.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.