Gulf Insurance Group — Capital/Financing Update 2021

Sep 7, 2021

Addendum Announcement from AXA Cooperative Insurance Co. in regards to the notification received by its shareholder AXA Mediterranean Holding S.A. that the AXA Group has decided to sell its insurance operations in the Gulf region.

8250 · 07/09/2021 08:16:52 · Announcement #64820 · View on Saudi Exchange

Addendum Announcement from AXA Cooperative Insurance Co. in regards to the notification received by its shareholder AXA Mediterranean Holding S.A. that the AXA Group has decided to sell its insurance operations in the Gulf region.

Element List	Explanation
Introduction	AXA Cooperative Insurance Company announces the latest developments with regards to the notification received by its shareholder AXA Mediterranean Holding S.A. that the AXA Group has decided to sell its insurance operations in the Gulf region.
Date of Posting the Previous Announcement of Development on Tadawul's Website	2020-11-30 Corresponding to 1442-04-15
URL of the Previous Announcement	Click Here
Change on the Development	AXA Cooperative Insurance Company announces that the following transactions have now been completed:

1. the sale of AXA Mediterranean Holding S.A.'s 18% shareholding in AXA Cooperative Insurance Company to AXA Insurance (Gulf) B.S.C ("AXA Gulf") at a price of SAR 24.23 per share; and

2. the acquisition by Gulf Insurance Group K.S.C.P ("GIG") of 100% of the share capital of AXA Gulf in Bahrain (which was 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 Cooperative Insurance Company at an equivalent value of SAR 24.23 per share, resulting in Gulf Insurance Group K.S.C.P ("GIG") indirectly owning 50% of the shareholding of AXA Cooperative Insurance Company. Financial Impact on the change No material financial impact.

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.