Gulf Union, Al-Ahlia Insurance shareholders to vote on merger deal on Oct. 5

Shareholders of Gulf Union Cooperative Insurance Co. will vote on the terms and conditions of the company’s merger deal signed with Al-Ahlia Insurance Co. on June 4. in the extraordinary general meeting (EGM) scheduled for October 5.

They will also vote on increasing capital from SAR 150 million to SAR 229.47 million, the company said in a bourse statement on Sunday.

Shareholders will also discuss changing the company’s name to Gulf Union-Al-Ahlia Insurance Co. upon completion of the merger.

Gulf Union’s board of directors will be authorized to take any decision necessary with respect to the abovementioned agenda items, the statement added.

Shareholders registered in Tadawulaty system will be able to participate and vote on the agenda items as of Thursday, Oct. 1.

In a separate statement, Al-Ahlia Insurance said that its shareholders will vote on the merger offer made by Gulf Union, which will issue 7.95 million compensation shares in consideration of all issued capital in Al-Ahlia.

Al-Ahlia’s shareholders will also discuss approving the merger deal and authorizing the board of directors to take any decision necessary with respect to the abovementioned agenda items, the statement added.

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.