SAMA lifts ban on shares of Buruj founding firm

Buruj Cooperative Insurance Co. (Buruj) on Tuesday received a letter from the Saudi Arabian Monetary Agency on lifting the ban on the trade or transfer of shares of its founding company, F.A. Batterjee Group, the company said in a statement to Tadawul.

The company said that the shares of Batterjee Group, which controls 1.25 million shares, or five percent of Buruj, will be transferred to Cigalah Group, which currently owns 750,000 shares, or 3 percent of Buruj.