Gulf Union Alahlia hires AlJazira Cap financial advisor on possible Al Sagr merger

 Logos of Gulf Union Alahlia Cooperative Insurance Co. and Al Sagr Cooperative Insurance Co.

Gulf Union Alahlia Cooperative Insurance Co. appointed AlJazira Capital as a financial advisor on the potential merger with Al Sagr Cooperative Insurance Co., according to a bourse statement.

Gulf Union Alahlia signed, on Sept. 19, a non-binding memorandum of understanding (MoU) with Al Sagr Insurance to evaluate the feasibility of a merger.

Both companies will conduct operational, technical, financial, legal and actuarial due diligence, while engaging in non-binding discussions on the terms and conditions of the potential merger, they said in separate Tadawul statements.

Al Sagr appointed Alinma Investment as its financial advisor on the proposed merger.

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