The agreement, which was signed on 29-07-2017, PHBL reflects the parties agreement for valuation of the deal for 49.9% of PHBL’s ordinary shares at USD 25 million, as well as the ownership structure of three subsidiaries of PHBL.
Furthermore, Saudi Re wishes to clarify that the completion of this transaction is subject to the approval of the Saudi Arabian Monetary Authority and Lloyd’s, and that there are no related parties.
Saudi Re will finance this deal out of its own resources.
It is worth noting that this deal provides Saudi Re with opportunities to expand its business and investments in the global insurance market particularly the Lloyd’s market in the United Kingdom.
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