Al Sagr, Walaa call off proposed merger due to infeasibility

05/09/2018 Argaam

 

Al Sagr Cooperative Insurance’s board of directors decided on Wednesday to cancel the memorandum of understanding with Walaa Insurance Cooperative Company regarding a potential merger, as it was deemed unfeasible, Al Sagr said in a bourse statement.

 

In April, the boards of the two insurers approved signing a non-binding MoU to study the economic feasibility of a merger.

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