Latest news with #CMA-licensed
Argaam
27-02-2025
- Business
- Argaam
Gulf Union Alahlia issues shareholders' circular, timeline for Gulf General merger
Gulf Union Alahlia Cooperative Insurance Co. published the shareholders' circular, offer document, and the transaction timeline for its planned merger with Gulf General Cooperative Insurance Co. (GGCI), according to a statement to Tadawul today, Feb. 27. The following documents were published: 1) Shareholders circular issued by Gulf Union Alahlia to its shareholders: The shareholders' circular was prepared in accordance with the requirements of Article (60) of the Capital Markets Authority's (CMA) Rules on the Offer of Securities and Continuing Obligations, related to Gulf Union Alahlia's capital top-up for the purpose of merging GGCI into Gulf Union Alahlia, which will result in all rights, liabilities, assets and contracts of GGCI being subsumed into Gulf Union Alahlia. Gulf Union Alahlia's board noted that each shareholder must carefully read and consider all information contained in the shareholders' circular prior to making their decision on how to vote on the proposed merger. If in doubt prior to Gulf Union Alahlia's extraordinary general meeting (EGM), shareholders must consult an independent CMA-licensed financial advisor. However, they must rely on their own examination of the merger based on their individual objectives, financial situation and needs. 2) Offer Document: The offer document is issued by Gulf Union Alahlia and addressed to GGCI's shareholders. It includes the details related to the offer pursuant to Article (38) of the Merger & Acquisition Regulations for the purpose of the merger. Gulf Union Alahlia noted that GGCI's shareholders should carefully read and consider all information contained in the offer document, in addition to the board circular to be issued by GGCI's board of directors, prior to making a voting decision. 3) Merger Timetable: The merger timetable sets out the proposed dates for the main events of the planned merger's implementation, pursuant to Article 17(c) of the Merger and Acquisition Regulations. In a separate statement to Tadawul, GGCI announced publishing the board circular, which includes the board's opinion on the offer submitted to GGCI shareholders regarding the proposed merger deal with Gulf Union Alahlia. It also includes independent advice provided to GGCI board by Alinma Investment, which was appointed as GGCI's financial advisor on this transaction, in accordance with the provisions of Article (18) of the Merger & Acquisition Regulations. Several documents related to the potential merger deal will be made available for inspection by GGCI shareholders, starting today. The documents are available during normal working hours from 9:00 am until 5:00 pm during any business day, from the date of publication of this circular until the end of the offer period (as defined in the board circular). GGCI board also stressed the importance of shareholders reading the offer document and the circular of the board of directors in detail before voting on any of the decisions related to the merger deal. If in doubt before the deciding EGM, shareholders must consult an independent CMA-licensed financial advisor. However, they must rely on their own examination of the merger based on their individual objectives, financial situation and needs. Both companies noted that the proposed merger remains subject to multiple prerequisites, including obtaining the approval of Gulf Union Alahlia and GGCI's shareholders, amongst others stated in the entry into the agreement announcement. They will make further announcements when material developments occur in this regard, including results of the deciding EGMs.
Zawya
12-02-2025
- Business
- Zawya
Mekyal Financial Technologies and Elevare 360 forge a strategic partnership
Riyadh, Saudi Arabia: Mekyal Financial Technologies and Elevare 360 have signed a Memorandum of Understanding (MoU) to create an integrated solution for companies aiming to list on Saudi Arabia's stock market. This timely alliance aligns with a surge in IPO activity, supported by recent Capital Market Authority (CMA) and Tadawul announcements. The partnership aims to capitalize on this market momentum, driven by Vision 2030's goal to foster transparency and attract both local and global investors. With an influx of IPO filings on Tadawul, the collaboration between Mekyal Financial Technologies and Elevare 360 is designed to streamline IPO preparation, capital raising, and investor relations services. Mekyal's proven track record in IPO arranging, Sukuk offerings, and financial restructuring, combined with Elevare 360's team expertise in investor relations and corporate storytelling, positions this alliance to be a market leader. Saudi Arabia's economy is projected to grow by 4.6% in 2025, underpinned by Vision 2030's mega projects and strategic initiatives. Tadawul has witnessed a resurgence in IPO activities, including major listings and secondary offerings, signaling an increased appetite among institutional investors. Hesham AbouJamee, CEO of Mekyal Financial Technologies stated: "Our vision is to equip Saudi companies with the necessary tools for successful public listings. With over 136 IPOs recorded in the Saudi stock market over the past three years, including 37 companies in the main market, 97 in the Nomu market, and two real estate funds, there is a clear need for innovative financial advisory solutions to keep pace with this significant wave of new listings in the Saudi market." Wael Mahdi, CEO of Elevare 360 said: "Transparency and strategic communication are vital as companies face increasing expectations from both investors and regulators. Our experienced team of professionals, spanning investor relations, business strategy, and start-up advisory, will work alongside Mekyal Financial Technologies to provide companies with a competitive edge as they engage with investors." Mekyal Financial Technologies operates as a FinTech-enabled investment bank and has consistently driven capital growth through equity and Sukuk offerings. The firm offers a digital-first approach to capital raising, empowering SMEs and large corporations with comprehensive financial advisory solutions. Elevare 360 excels in building corporate narratives, managing earnings communications, and implementing ESG strategies to enhance market visibility and attract diverse investor bases. About Mekyal Financial Technologies Mekyal Financial Technologies is a CMA-licensed investment bank specializing in capital raising, Sukuk issuance, and strategic consulting for companies across Saudi Arabia and the MENA region. About Elevare 360 Elevare 360 is a Saudi-based strategic advisory, with a focus on strategic and financial communications, investor relations advisory, ESG and governance advisory, and start-ups advisory to enhance corporate visibility, stakeholder engagement, and market perception through innovative solutions tailored to global best practices.
