Logo ofMEDGULFandBuruj 
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) and Buruj Cooperative Insurance Co. will hold their respective extraordinary general assembly meeting on Thursday, Oct. 23, 2025, to vote on the planned merger of the two companies, according to two separate statements to Tadawul.
Buruj EGM will vote on the offer submitted by Medgulf to Buruj shareholders to merge Buruj into Medgulf, resulting in the dissolution of Buruj.
Similarly, Medgulf EGM will vote on increasing the company’s share capital for the purpose of merging with Buruj, as outlined in the following table:
Details of Medgulf’s Capital Increase to Complete Merger
Medgulf’s Current Capital
SAR 1.05 bln
Number of Shares
105 mln shares
Buruj’s Current Capital
SAR 300 mln
Number of Shares
30 mln
Number of Issued Shares for the Purpose of Merger
33.16 mln
Swap Ratio
Buruj shareholders will receive 1.11 Medgulf shares for each share they hold in Buruj.
Share Par Value
SAR 10
Eligibiliy for Shares
Buruj’s eligible shareholders
Medgulf’s Capital after Increase
SAR 1.38 bln
New Number of Shares
138.16 mln
Percentage of Capital Increase
31.58%
Medgulf Shareholders’ Ownership Post-Merger
76%
Buruj Shareholders’ Ownership Post-Merger
24%
According to data compiled by Argaam, MEDGULF and Buruj signed a non-binding memorandum of understanding (MoU) in July 2024 to evaluate the feasibility of merging the two companies. In January, the two companies obtained a no-objection clearance from the General Authority for Competition regarding the economic concentration resulting from the proposed merger.
In July, the two companies signed a binding merger agreement under which Buruj would be merged into MEDGULF, transferring all of its rights, liabilities, assets, and contracts to MEDGULF. Accordingly, the latter would issue 33.16 million ordinary shares to Buruj’s shareholders. Earlier this month, the Capital Market Authority (CMA) approved MEDGULF’s request to increase its capital from SAR 1.05 billion to SAR 1.38 billion, through issuing 33.16 million ordinary shares.
Logo ofMEDGULFandBuruj
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) and Buruj Cooperative Insurance Co. will hold their respective extraordinary general assembly meeting on Thursday, Oct. 23, 2025, to vote on the planned merger of the two companies, according to two separate statements to Tadawul.
Buruj EGM will vote on the offer submitted by Medgulf to Buruj shareholders to merge Buruj into Medgulf, resulting in the dissolution of Buruj.
Similarly, Medgulf EGM will vote on increasing the company’s share capital for the purpose of merging with Buruj, as outlined in the following table:
Details of Medgulf’s Capital Increase to Complete Merger
Medgulf’s Current Capital
SAR 1.05 bln
Number of Shares
105 mln shares
Buruj’s Current Capital
SAR 300 mln
Number of Shares
30 mln
Number of Issued Shares for the Purpose of Merger
33.16 mln
Swap Ratio
Buruj shareholders will receive 1.11 Medgulf shares for each share they hold in Buruj.
Share Par Value
SAR 10
Eligibiliy for Shares
Buruj’s eligible shareholders
Medgulf’s Capital after Increase
SAR 1.38 bln
New Number of Shares
138.16 mln
Percentage of Capital Increase
31.58%
Medgulf Shareholders’ Ownership Post-Merger
76%
Buruj Shareholders’ Ownership Post-Merger
24%
According to data compiled by Argaam, MEDGULF and Buruj signed a non-binding memorandum of understanding (MoU) in July 2024 to evaluate the feasibility of merging the two companies. In January, the two companies obtained a no-objection clearance from the General Authority for Competition regarding the economic concentration resulting from the proposed merger.
In July, the two companies signed a binding merger agreement under which Buruj would be merged into MEDGULF, transferring all of its rights, liabilities, assets, and contracts to MEDGULF. Accordingly, the latter would issue 33.16 million ordinary shares to Buruj’s shareholders. Earlier this month, the Capital Market Authority (CMA) approved MEDGULF’s request to increase its capital from SAR 1.05 billion to SAR 1.38 billion, through issuing 33.16 million ordinary shares.
