Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

KSA - Gulf Union, Al-Ahlia Ins. ink binding merger deal

Wednesday, 06 10 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Gulf Union Cooperative Insurance Co. signed, on June 4, a binding merger agreement with Al-Ahlia Insurance Co. to acquire all its shareholders’ issued shares through share swap without any cash payment.

Gulf Union will increase its capital through issuing new ordinary shares to Al-Ahlia shareholders, the insurer said in a bourse statement on Sunday.

Accordingly, if the merger deal is approved by the competent government authorities and extraordinary general meetings (EGM) of both companies, Gulf Union will issue 7.947 million new ordinary shares at SAR 10 par value each, to buy all issued shares of Al-Ahlia at a total par value of SAR 79.47 million. .

Gulf Union will issue 0.646 shares for every share in Al-Ahlia.

Gulf Union will raise its capital from SAR 150 million to SAR 229.47 million. The number of shares will be increased from 15 million to SAR 22.947 million.


Source: argaam.com
All copyrights reserved, Arab Reinsurance 2016 ©