Logos of Al Sagr Insurance and Gulf Union Alahlia
Al Sagr Cooperative Insurance Co. and Gulf Union Alahlia Cooperative Insurance Co. announced today, Dec. 20, the start of initial discussions to explore the possibility of merging the two companies.
The insurers said in two separate bourse statements that entering into these discussions does not necessarily mean that the merger will take place between the two parties, but only to explore the possibility of mutual benefits for the shareholders of both the companies.
If an initial agreement is reached on the merger, a non-binding memorandum of understanding (MoU) will be signed to assess the feasibility of the merger of the two companies, subject to obtaining the required approvals before completing the merger.
Shareholders will be informed of any future developments in this regard and in accordance with the relevant regulatory disclosure requirements.
According to data compiled by Argaam, Gulf Union Cooperative Insurance Co. amended its name to Gulf Union Alahlia Cooperative Insurance Co., following its merger with Al-Ahlia for Cooperative Insurance Co. in December 2020.
In 2018, Al Sagr Insurance canceled the MoU with Walaa Insurance Cooperative Co. regarding a potential merger, as it was deemed unfeasible.
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