Buruj, MEDGULF EGMs to vote on planned merger on Oct. 23

Logo of MEDGULF and Buruj

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) and Buruj Cooperative Insurance Co. will hold their respective extraordinary general assembly meeting on Thursday, Oct. 23, 2025, to vote on the planned merger of the two companies, according to two separate statements to Tadawul.
 

Buruj EGM will vote on the offer submitted by Medgulf to Buruj shareholders to merge Buruj into Medgulf, resulting in the dissolution of Buruj.
 

Similarly, Medgulf EGM will vote on increasing the company’s share capital for the purpose of merging with Buruj, as outlined in the following table:

According to data compiled by Argaam, MEDGULF and Buruj signed a non-binding memorandum of understanding (MoU) in July 2024 to evaluate the feasibility of merging the two companies. In January, the two companies obtained a no-objection clearance from the General Authority for Competition regarding the economic concentration resulting from the proposed merger.
 

In July, the two companies signed a binding merger agreement under which Buruj would be merged into MEDGULF, transferring all of its rights, liabilities, assets, and contracts to MEDGULF. Accordingly, the latter would issue 33.16 million ordinary shares to Buruj’s shareholders.  Earlier this month, the Capital Market Authority (CMA) approved MEDGULF's request to increase its capital from SAR 1.05 billion to SAR 1.38 billion, through issuing 33.16 million ordinary shares.