Gulf Union Cooperative Insurance Co. issued the updated timeline for its merger deal with Al-Ahlia Insurance Co., the company said in a bourse statement on Sunday.

 

On Sept. 3, Gulf Union issued a circular, offer document and timetable of its capital hike to complete the merger with Al-Ahlia, 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.

 

Key Terms of Merger Deal

Gulf Union capital 

SAR 150 mln (15 mln shares) 

Al-Ahlia capital 

SAR 123 mln (12.3 mln shares) 

Number of shares to be issued by Gulf Union 

7.95 mln 

Swap ratio 

0.646 share of Gulf Union for every 1 share of Al-Ahlia 

Gulf Union’s new capital 

SAR 229.47 (22.95 mln shares) 

Gulf Union’s stake after merger 

65.37% 

Al-Ahlia’s stake after merger 

34.63% 

 

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