Logo ofGulf Union Alahlia Cooperative Insurance Co. andGulf General Cooperative Insurance Co. (GGI)
Saudi Arabia’s Insurance Authority (IA) approved on Feb. 11 the merger between Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. The approval covers the merger deal and related matters. 
Two separate statements on Tadawul today said that the merger deal is contingent on several outstanding conditions, including approvals from the Capital Market Authority (CMA) and the shareholders of both companies.
For more news and details on MAs
Both companies stated that they will disclose any material developments on the merger deal in due course.
According to Argaam data, both Gulf Union and GGI concluded a binding merger agreement on Dec. 9, 2024.
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.
GGI shareholders will receive 0.76 share in Gulf Union Alahlia for each share they hold.
Logo ofGulf Union Alahlia Cooperative Insurance Co. andGulf General Cooperative Insurance Co. (GGI)
Saudi Arabia’s Insurance Authority (IA) approved on Feb. 11 the merger between Gulf Union Alahlia Cooperative Insurance Co. and Gulf General Cooperative Insurance Co. The approval covers the merger deal and related matters.
Two separate statements on Tadawul today said that the merger deal is contingent on several outstanding conditions, including approvals from the Capital Market Authority (CMA) and the shareholders of both companies.
For more news and details on MAs
Both companies stated that they will disclose any material developments on the merger deal in due course.
According to Argaam data, both Gulf Union and GGI concluded a binding merger agreement on Dec. 9, 2024.
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.
GGI shareholders will receive 0.76 share in Gulf Union Alahlia for each share they hold.
