Ageas and Haci Ömer Sabanci Holding A.S. ("Sabanci") announced today that they have agreed to jointly acquire additional shares in Aksigorta A.S. ("Aksigorta") to further strengthen the partnership between the two groups.
Both Sabanci and Ageas currently own 30.99% of the shares in Aksigorta. The intention of both parties is to acquire, within the next 12 months, an equal number of shares in Aksigorta through the Istanbul Stock Exchange[1] (#_ftn1). The number of shares acquired will be dependent upon the share price evolution of Aksigorta, but will not exceed 10% of the total number of shares outstanding[2] (#_ftn2). Regulatory approval will be sought, when relevant thresholds are exceeded[3] (#_ftn3).
Ak Yatirim has been retained as broker to execute the programme on behalf of Ageas and Sabanci.
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Germany, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the third largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of almost EUR 18 billion.
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[1] (#_ftnref1) ISIN code of Aksigorta: TRAAKGRT9105
[2] (#_ftnref2) Aksigorta currently has 306 million shares outstanding
[3] (#_ftnref3) Current threshold is 33.33%
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(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Thomson Reuters ONE
