Sri Ayudhya Capital Public Company Limited agreed to acquire an additional 11.8% stake in Allianz Ayudhya Assurance Public Company Limited from Allianz SE (DB:ALV) and CPRN Limited for THB 2.2 billion.
November 22, 2017
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Sri Ayudhya Capital Public Company Limited (SET:AYUD) agreed to acquire an additional 11.8% stake in Allianz Ayudhya Assurance Public Company Limited from Allianz SE (DB:ALV) and CPRN (Thailand) Limited for THB 2.2 billion on November 21, 2017. As per the terms of agreement, Sri Ayudhya Capital will acquire 34.8 million shares and will issue its 74 million shares as consideration. In a related transaction, Sri Ayudhya General Insurance PCL agreed to acquire entire business of Allianz General Insurance Public Company Limited from Allianz SE (DB:ALV), BSMC (Thailand) Limited, SOFE One Limited and SOFE Two Limited for THB 1.2 billion on November 21, 2017. Post-acquisition, Sri Ayudhya Capital Public Company Limited will increase its shareholding from 59.5 million shares (20.17%) to 94.3 million shares (31.97%) in Allianz Ayudhya Assurance Public Company Limited.
For the financial year ended December 31, 2016, Allianz Ayudhya Assurance Public Company Limited reported net profit of THB 1.986 billion, total assets of THB 161.1 billion and shareholders' equity of THB 13.8 billion. The transaction is subject to approval of shareholders of Sri Ayudhya Capital Public Company Limited at the extraordinary meeting of shareholders to be held on January 19, 2018, completion of private placement of shares by Sri Ayudhya Capital and other conditions. On September 24, 2018, transaction was approved by the Board of Directors of Sri Ayudhya Capital Public Company Limited. As of October 25, 2018, the extraordinary meeting of shareholders of Sri Ayudhya Capital Public Company will be held on November 13, 2018 to approve the transaction. On November 13, 2018, the shareholders of Sri Ayudhya Capital Public Company Limited approved the transaction. Thanathip Pichedvanichok of Thanathip & Partners Legal Advisory Company Limited acted as legal advisor to Allianz Ayudhya Assurance Public Company Limited. Asia Plus Advisory Company Limited acted as independent financial advisor in the transaction. Baker & McKenzie Ltd acted as legal advisor in the transaction.
Allianz Ayudhya Capital Public Company Limited is a Thailand-based investment holding company that operates in the insurance sector. The Company and its subsidiaries operate through three principal business segments: Non-life insurance business, Investment business and Service business. Its non-life insurance products include motor, fire, marine and transportation, and miscellaneous, which includes property, liability, engineering, and personal protection. Its life insurance products include life insurance, accident insurance, insurance coverage for children, insurance for savings and tax breaks, insurance for life after retirement, and group coverage that is flexible depending on organization size and business sector. Its subsidiaries include Allianz Ayudhya General Insurance Public Company Limited, which is engaged in the non-life insurance business, and Allianz Ayudhya Assurance Public Company Limited, which is engaged in the life insurance sector.
Sri Ayudhya Capital Public Company Limited agreed to acquire an additional 11.8% stake in Allianz Ayudhya Assurance Public Company Limited from Allianz SE (DB: ALV) and CPRN Limited for THB 2.2 billion.
ALLIANZ AYUDHYA CAPITAL 
