Logos ofGulf Union Alahlia Cooperative Insurance Co.andGulf General Cooperative Insurance Co. (GGI)
Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. (GGI) signed on Dec 9. a binding merger agreement. 
In two separate statements to Tadawul, the companies revealed their agreement to merge GGI into Gulf Union Alahlia.
For More Mergers and Acquisitions
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.
Gulf Union Alahlia confirmed its intention to submit an offer for the merger in line with the terms and conditions outlined in the agreement.
The company also noted that the total anticipated costs of the merger will be disclosed in a shareholder circular, to be published after obtaining the regulatory approvals.
Additionally, the expected timeline for the merger will be outlined in the board of directors’ circular, which will also be released following regulatory clearance, the statements added.
Logos ofGulf Union Alahlia Cooperative Insurance Co.andGulf General Cooperative Insurance Co. (GGI)
Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. (GGI) signed on Dec 9. a binding merger agreement.
In two separate statements to Tadawul, the companies revealed their agreement to merge GGI into Gulf Union Alahlia.
For More Mergers and Acquisitions
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.
Gulf Union Alahlia confirmed its intention to submit an offer for the merger in line with the terms and conditions outlined in the agreement.
The company also noted that the total anticipated costs of the merger will be disclosed in a shareholder circular, to be published after obtaining the regulatory approvals.
Additionally, the expected timeline for the merger will be outlined in the board of directors’ circular, which will also be released following regulatory clearance, the statements added.
