Global law firm White & Case LLP has advised Saudi Fransi Capital, the subscription financial advisor, lead manager and underwriter, on the rights issue by AXA Cooperative Insurance Company.
The transaction consisted of the issuance of 25,000,000 shares to increase the share capital of AXA Cooperative Insurance from SAR 200 million to SAR 450 million. The principal activities of AXA Cooperative Insurance include cooperative insurance operations and related activities, including reinsurance. The company is part of AXA Group, one of the world’s largest insurance groups, operating primarily in Europe, North America and the Asia-Pacific Region. AXA Group's operations in Saudi Arabia originated in 1985.
Riyadh-based White & Case local partner Robert Vydra said: "We were delighted to continue working on equity transactions for the Saudi Arabian insurance sector. Over the years, we have worked with many Saudi Arabian companies from the sector. In addition to the rights issue by AXA Cooperative Insurance Company, we have for example represented Bupa Arabia for Cooperative Insurance on its initial public offering and the financial advisor, lead manager and underwriter on the rights issue by Al-Ahlia for Cooperative Insurance Company."
The Firm has worked with Saudi Fransi Capital on a number of transactions. Saudi Fransi Capital is a leading investment banking, investment management and brokerage firm in Saudi Arabia that provides a wide range of financial services to a substantial and diversified client base that includes corporates, high-net-worth individuals and retail investors.
The White & Case team in Riyadh which advised on the transaction was led by local partner Robert Vydra and included partner Dr. Waleed Al-Nuwaiser with support from associates Mishari Alabbad and Majed Alkuraydis.
The Firm has been active in Saudi Arabia since the 1950s, with an office presence in the country since 1989 from which clients are provided with both Saudi Arabian and international legal services. The legal team in Riyadh, which includes six partners, advises international investors and lenders, private companies, the Saudi government and Saudi public institutions on a range of issues and can call on the support of lawyers in the Firm’s other GCC offices (Doha and the United Arab Emirates) as well as the White & Case network worldwide.
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