Medgulf and Borouge receive approval from the General Authority for Competition for their potential merger

MEDGULF -0.52%

MEDGULF

8030.SA

28.45

-0.52%

Riyadh - Mubasher: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) and Buruj Cooperative Insurance Company announced that they received the approval of the General Authority for Competition to complete the economic concentration process resulting from the proposed merger deal between them.

The two companies confirmed in two separate statements on the Saudi Stock Exchange today, Monday, that the merger deal is still under study and no binding agreement has yet been signed between the two parties.

They explained that if an official agreement is reached, the deal will be subject to several conditions, including obtaining approvals from the Insurance Authority, the Capital Market Authority, the Saudi Stock Exchange, in addition to the approval of the shareholders of the two companies.

In July, MedGulf and Borouge signed a non-binding memorandum of understanding to study the feasibility and compatibility of a merger between them. If the decision is made to implement the deal, it will be done through the merger of MedGulf as a merging company, while Borouge will be the merged company.

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