Logos ofMediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) andBuruj Cooperative Insurance Co.
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) obtained the no objection from the General Authority for Competition (GAC) on the completion of the economic concentration resulting from the potential merger with Buruj Cooperative Insurance Co. (Buruj). 
In a Tadawul statement, MEDGULF said the potential merger is still under consideration and no binding agreement has been signed to date.
For More Mergers and Acquisitions
In case of reaching an agreement, the potential merger will be subject to the approvals of the Insurance Authority, the Capital Market Authority, the Saudi Exchange, as well as shareholders of both companies.
Further developments will be announced in due courses, the companies said. In July 2024, MEDGULF and Buruj signed a non-binding memorandum of understanding to evaluate the feasibility of a potential merger, according to data available with Argaam.
According to the MoU, MEDGULF will be the merging company through a share-swap deal.
MEDGULF will raise its capital by issuing new shares to Buruj shareholders, based on the agreed swap ratio.
Logos ofMediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) andBuruj Cooperative Insurance Co.
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) obtained the no objection from the General Authority for Competition (GAC) on the completion of the economic concentration resulting from the potential merger with Buruj Cooperative Insurance Co. (Buruj).
In a Tadawul statement, MEDGULF said the potential merger is still under consideration and no binding agreement has been signed to date.
For More Mergers and Acquisitions
In case of reaching an agreement, the potential merger will be subject to the approvals of the Insurance Authority, the Capital Market Authority, the Saudi Exchange, as well as shareholders of both companies.
Further developments will be announced in due courses, the companies said. In July 2024, MEDGULF and Buruj signed a non-binding memorandum of understanding to evaluate the feasibility of a potential merger, according to data available with Argaam.
According to the MoU, MEDGULF will be the merging company through a share-swap deal.
MEDGULF will raise its capital by issuing new shares to Buruj shareholders, based on the agreed swap ratio.
