

04 March, 2024 08:47
Saudi Reinsurance Company announces signing a share purchase agreement for the sale of its entire stake in Probitas Holdings (Bermuda) Limited (PHBL)
Element List | Explanation |
---|---|
Introduction | Saudi Reinsurance Company (Saudi Re) Announces signing of an agreement to sell its entire stake, which represents 49.9%, in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries. |
Transaction Details | Saudi Re has signed a share purchase agreement with Aviva Insurance Limited for the sale of Saudi Re's entire 49.9% stake in Probitas Holdings (Bermuda) Limited (PHBL), including its subsidiaries, consideration of GBP 120,000,000, to be paid in cash, subject to final closing adjustments, |
Transaction Value | GBP 120,000,000 subject to final closing adjustments. |
Transaction Terms | Customary closing conditions, including regulatory approvals from relevant authorities, and the transaction is expected to close in mid-2024. |
Parties of the Transaction | • Saudi Reinsurance "Saudi Re" (as the seller). • Aviva Insurance Limited (as the buyer). |
Transaction Funding Method | N/A |
Transaction Execution Date | 2024-03-03 Corresponding to 1445-08-22 |
Description of the Business of the Asset forming the Subject Matter of the Transaction | Probitas Holdings (Bermuda) Ltd. Company is based in Bermuda and specializes in Insurance and Reinsurance services and owns Probitas Corporate Capital Limited, Probitas 1492 Services Limited, Probitas Holdings (UK) Limited, Probitas Managing Agency Limited, Probitas 1492 Services Mexico S.A de C.V, Probitas 1492 (Europe) SRL/BV and Probitas 1492 (Pacific) Pty Ltd |
Asset Book Value | SAR 201,164,310 as at Q3 2023. |
Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | Available in Saudi Re's financial statements |
Transaction reasons | Strengthen the financial position and reallocation of assets towards growth opportunities in domestic and international markets. |
Expected Impact of the Transaction on the Company and Its Operations | The transaction will have a positive effect on the Company’s financials in 2024. |
Details of Using The Proceeds of the Asset Sale | Support the Company's growth and strengthen its financial position |
Related Parties | There are no related parties to the transaction |
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