Gulf Union National Cooperative Insurance Company and Al-Saqr Cooperative Insurance Company announced the start of preliminary discussions to study the feasibility of merging the two companies, knowing that entering into these discussions does not necessarily mean that the merger process will take place between the two parties.
According to data published on the Saudi market website “Tadawul”, entering into the merger discussions aims to explore the possibility of mutual benefit between the shareholders of the two companies.
In the event that the initial agreement on the merger is agreed upon, a non-binding memorandum of understanding will be signed between the two Al-Khalid National Union and Al-Saqr Cooperative Insurance Company to assess the feasibility of the merger, but official approvals must still be obtained before completing the merger process.
According to the data, the shareholders will be informed of any upcoming developments in this regard, in accordance with the relevant regulatory disclosure requirements.
