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Abu Dhabi National Insurance Company (ADNIC) has acquired a 51 percent majority stake in Allianz Saudi Fransi (AzSF), with total value $133.1 million in cash, a filing on the Abu Dhabi Securities Exchange (ADX) said on Thursday.
ADNIC expects to complete the transaction in the coming months, after obtaining some necessary approvals from regulators and supervisory authorities, according to a statement.
ADNIC said the transaction is a key factor of its strategy as it will allow it to further extend its presence into the Saudi Arabian market, deliver and optimise operating model efficiencies.
