KSA - Gulf Union shareholders approve merger with Al-Ahlia
Wednesday, 10 07 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Shareholders of Gulf Union Cooperative Insurance Co. approved the terms and conditions of the company’s merger deal with Al-Ahlia Insurance Co., signed on June 4, during the extraordinary general meeting (EGM) held on Oct. 5, 2020.
The merger will take place through the issue of 0.65 shares in Gulf Union for each share in Al-Ahlia, the company added in a bourse statement.
They also approved increasing capital from SAR 150 million to SAR 229.47 million.
Shareholders also approved amending the company’s name to Gulf Union Al-Ahlia Cooperative Insurance Co. upon completion of the merger.