IA approves Gulf Union Alahlia, Gulf General merger deal
The Saudi Insurance Authority approved on Feb. 11 the merger deal between Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. (GGI). The approval covered the merger deal and other related matters.
Two separate statements on Tadawul today indicated that the merger deal is contingent on several outstanding conditions, including approvals from the Capital Market Authority (CMA) and the shareholders of both companies.
Both companies stated that they will disclose any material developments on the merger deal in due course.
According to Argaam data, both Gulf Union and GGI concluded a binding merger agreement on Dec. 9, 2024.
The merger entails transferring all of GGI's rights, obligations, assets, and contracts to Gulf Union Alahlia. In return, Gulf Union Alahlia will issue 22.82 million ordinary shares with a nominal value of SAR 10 per share to GGI's shareholders.
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