Malath Cooperative Insurance & Reinsurance (Malath) appointed Alinma Investment as financial advisor on May 23 to conduct financial and technical studies for its potential merger with Allied Cooperative Insurance Group (ACIG), it said in a statement to Tadawul on Wednesday.
The merger will be subject to approval from regulatory authorities and shareholders.
Malath announced in March that it was considering a merger with ACIG, without disclosing any financial details.
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