Creditor objection period on Al Sagr, Gulf Union Alahlia merger ends

Logos of Al Sagr Cooperative Insurance Co. and Gulf Union Alahlia Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced the end of the creditors’ objection period related to the merger with Gulf Union Alahlia Cooperative Insurance Co., on Aug. 15, without any objection to the merger, the insurer said in a statement to Tadawul.

Al Sagr announced that the creditors’ objection period related to the merger with Gulf Union Alahlia started from July 31, till the end of Aug. 15, 2023, Argaam earlier reported.

In March 2023, the insurers signed a binding merger agreement, and scheduled Aug. 30 for extraordinary general meetings (EGMs) for the shareholders of both companies to vote on the deal.

The shareholders will vote on Gulf Union Alahlia’s offer to issue 16.12 million new shares in return for transferring all Al Sagr's assets and liabilities to Gulf Union Alahlia through a share swap.

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