Logos ofMediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) andBuruj Cooperative Insurance Co.
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) entered into a binding merger agreement with Buruj Cooperative Insurance Co., pursuant to which Buruj will merge into MEDGULF.
Accordingly, MEDGULF will subsume all of Buruj’s rights, liabilities, assets and contracts.
For More Mergers and Acquisitions
In exchange, MEDGULF will issue 33.157 million new ordinary shares with a nominal value of SAR 10 each to Buruj shareholders.
Earlier, MEDGULF had disclosed its firm intention to make an offer under a merger deal, in accordance with the conditions and provisions of the merger agreement, the two insurers said in separate statements to Tadawul.
Any material developments relating to the merger will be announced in due course, the statements added.
Logos ofMediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) andBuruj Cooperative Insurance Co.
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) entered into a binding merger agreement with Buruj Cooperative Insurance Co., pursuant to which Buruj will merge into MEDGULF.
Accordingly, MEDGULF will subsume all of Buruj’s rights, liabilities, assets and contracts.
For More Mergers and Acquisitions
In exchange, MEDGULF will issue 33.157 million new ordinary shares with a nominal value of SAR 10 each to Buruj shareholders.
Earlier, MEDGULF had disclosed its firm intention to make an offer under a merger deal, in accordance with the conditions and provisions of the merger agreement, the two insurers said in separate statements to Tadawul.
Any material developments relating to the merger will be announced in due course, the statements added.
