MEDGULF concludes merger deal with Buruj

MEDGULF believes the merger with Buruj would strengthen its position in the Saudi insurance sector

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) concluded today, Oct. 30, its merger deal with Buruj Cooperative Insurance Co., following the completion of the updated commercial register procedures.

The merger marks a significant step in consolidating MEDGULF’s position in the Saudi insurance market, while also enhancing its financial and operational capabilities, the company said in a statement on Tadawul.

MEDGULF will announce at a later stage the deposit of proceeds from the sale of fractional shares resulting from the merger.

The transaction, previously approved by the extraordinary general assemblies of both companies, aligns with MEDGULF’s strategic goal to strengthen its market presence and deliver greater value to policyholders and shareholders, according to Argaam data.

MEDGULF recently completed the supplementary procedures for depositing and listing the consideration shares granted to eligible Buruj’s shareholders on Oct. 28.