KSA - Al-Ahlia Ins. issues timeline for merger with Gulf Union
Tuesday, 09 15 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Al-Ahlia Insurance Co. issued the updated timeline for its merger deal with Gulf Union Cooperative Insurance Co., the company said in a bourse statement on Monday.
On Sept. 3, Al-Ahlia issued a circular, offer document and timetable of the capital hike related to the planned merger with Gulf Union, Argaam reported.
The shareholders of both companies will vote on the merger deal on Oct. 5.
The Saudi Capital Market Authority (CMA) approved on Aug. 31 Gulf Union’s request to increase its capital from SAR 150 million to SAR 229.47 million by issuing 7.95 million ordinary shares to merge with Al-Ahlia Insurance Co., Argaam reported.