Logos of Gulf Union Alahlia Cooperative Insurance Co. and Al Sagr Cooperative Insurance Co.
Gulf Union Alahlia Cooperative Insurance Co. appointed AlJazira Capital as a financial advisor on the potential merger with Al Sagr Cooperative Insurance Co., according to a bourse statement.
Gulf Union Alahlia signed, on Sept. 19, a non-binding memorandum of understanding (MoU) with Al Sagr Insurance to evaluate the feasibility of a merger.
Both companies will conduct operational, technical, financial, legal and actuarial due diligence, while engaging in non-binding discussions on the terms and conditions of the potential merger, they said in separate Tadawul statements.
Al Sagr appointed Alinma Investment as its financial advisor on the proposed merger.
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