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Gulf Union, Al-Ahlia Insurance ink binding merger deal
On June 4, 2020, Gulf Union Cooperative Insurance Co. signed a binding merger agreement with Al-Ahlia Insurance Co. to acquire all issued shares of the latter’s shareholders through share swap without any cash payment.
Deal Value | Method of Finance | Type | Status |
- | Capital Increase | Merger | Completed |
The First Party
Gulf Union Alahlia Cooperative Insurance Co. - GULF UNION ALAHLIA | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Insurance |
*Market Cap (Million SAR) | 1,119.96 |
*Price/Share (SAR) | 24.40 |
The Second Party
Al-Ahlia Insurance Co. - ALAHLIA | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Insurance |
*Market Cap (Million SAR) | 181.55 |
*Price/Share (SAR) | 14.76 |
- *Based on the latest data available
Main Details
Gulf Union will increase its capital through issuing new ordinary shares to Al-Ahlia shareholders. If the merger deal is approved by the competent government authorities and the extraordinary general meetings (EGM) of both companies, Gulf Union will issue 7.947 million new ordinary shares at a papar value of SAR 10 each, totaling SAR 79.47 million. Accordingly, a 0.646 share will be issued in Gulf Union for every share in Al-Ahlia “the swap ratio”.
Gulf Union will raise its capital from SAR 150 million to SAR 229.47 million. The number of shares will be increased from 15 million to SAR 22.947 million.
Upon the merger completion, Al-Ahlia shareholders will own 34.63% of Gulf Union, while Gulf Union shareholders will own 65.37% of the company following the capital hike.
Note
* Al-Ahlia’s assets and liabilities will be transferred to Gulf Union when the merger is finalized. Gulf Union has been notified by the Al-Ahlia’s board of directors that if the terms of merger deal and the offer document conform to the deal conditions in this announcement, Al-Ahlia’s board is planning to make a recommendation to the company’s shareholders to vote for completing the merger deal during the EGM. The opinion of Al-Ahlia’s board of directors regarding the transaction will be included in the Al-Ahlia’s shareholders’ EGM invitation. Gulf Union has also expressed its firm intention to complete this transaction.
* The merger is subject to regulatory approvals and EGM approvals of both insurers, as well as the expiry of the creditor objection period, or the date on which all creditors ’objections to the merger deal are resolved (whichever comes later).
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