Logos of Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. (GGI)
Gulf General Cooperative Insurance Co. (GGI) announced the beginning of the creditor objection period related to the merger with Gulf Union Alahlia Cooperative Insurance Co. from Feb. 25 to March 12. 
Any creditor of GGI has the right to object to the merger deal by sending an email or a registered letter to the company’s head office in Jeddah (Postal Code: Jeddah 21441, PO Box 1866), the company said in a statement to Tadawul.
For more news and details on MAs
On Feb. 24, the Capital Market Authority (CMA) approved GGI’s application to raise its capital from SAR 458.95 million to SAR 687.18 million, through issuing 22.82 million ordinary shares to complete the merger.
GGI’s assets and liabilities would be transferred to Gulf Union Alahlia through a share swap offer.
On Dec. 9, 2024, both companies agreed on binding merger agreement.
The deal entails transferring GGI’s entire rights, obligations, assets, and contracts to Gulf Union Alahlia.
Meanwhile, GGI shareholders will receive a 0.76 share in Gulf Union Alahlia for each share they hold.
Logos of Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. (GGI)
Gulf General Cooperative Insurance Co. (GGI) announced the beginning of the creditor objection period related to the merger with Gulf Union Alahlia Cooperative Insurance Co. from Feb. 25 to March 12.
Any creditor of GGI has the right to object to the merger deal by sending an email or a registered letter to the company’s head office in Jeddah (Postal Code: Jeddah 21441, PO Box 1866), the company said in a statement to Tadawul.
For more news and details on MAs
On Feb. 24, the Capital Market Authority (CMA) approved GGI’s application to raise its capital from SAR 458.95 million to SAR 687.18 million, through issuing 22.82 million ordinary shares to complete the merger.
GGI’s assets and liabilities would be transferred to Gulf Union Alahlia through a share swap offer.
On Dec. 9, 2024, both companies agreed on binding merger agreement.
The deal entails transferring GGI’s entire rights, obligations, assets, and contracts to Gulf Union Alahlia.
Meanwhile, GGI shareholders will receive a 0.76 share in Gulf Union Alahlia for each share they hold.
