Logos of Gulf Union AlAhlia Cooperative Insurance Co. and Al Sagr Cooperative Insurance Co.
Shareholders of Gulf Union Alahlia Cooperative Insurance Co. and Al Sagr Cooperative Insurance Co. will vote on the merger deal through issuing 16.12 million ordinary shares, during the extraordinary general meetings (EGMs) scheduled for Aug. 30, according to Tadawul website.
The deal also includes transferring all Al Sagr's assets and liabilities to Gulf Union Alahlia through a share swap.
Al Sagr's shareholders will vote on Gulf Union Alahlia's merger offer, as per the Companies Law, through issuing 16.12 million new shares in Gulf Union Alahlia in return for all Al Sagr shares and expiration of the latter accordingly, as per the relevant regulatory requirements as well as the terms and conditions of the merger agreement.
Meanwhile, Gulf Union Alahlia's shareholders will vote on the board's recommendation to increase capital from SAR 458.95 million to SAR 620.19 million by issuing 16.12 million ordinary shares.
They will also vote on the merger with Al Sagr, as well as the transfer of the latter's assets and liabilities to Gulf Union Alahlia through a share swap deal.
In March, both companies signed a binding merger agreement to merge through a share swap deal, Argaam reported earlier.
Al Sagr recently announced the start of the creditors’ objection period related to the merger with Gulf Union Alahlia, starting from July 31, till the end of Aug. 15, 2023.
Gulf Union Alahlia published recently the shareholders circular, the offer document, and the transaction timeline in relation to the company's capital increase for merging with Al Sagr through a share swap.
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