Logos of Al Sagr Insurance and Gulf Union Alahlia
Gulf Union AlAhlia Cooperative Insurance Co. and Al Sagr Cooperative Insurance Co. announced obtaining the Saudi Central Bank’s (SAMA) approval on July 17 on their prospective merger transaction and other related matters.
The merger transaction completion remains subject to other conditions, including obtaining the remaining regulatory approvals and the affirmative votes of the extraordinary general assemblies of both insurers on the merger, the two companies said in separate statements to the Tadawul.
According to data compiled with Argaam, Gulf Union AlAhlia and Al Sagr signed a binding merger agreement in March.
The merger will take place through a share swap deal, whereby Gulf Union AlAhlia will issue 1.152 nominal shares to eligible shareholders of Al Sagr for each issued share they hold on the effective deal date. In return for the share issuance, Al-Sagr will transfer its assets and liabilities to Gulf Union AlAhlia without paying any cash.
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