Al Sagr starts creditors' objection period for Gulf Union Alahlia merger

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced the start of the creditors’ objection period related to the merger with Gulf Union Alahlia Cooperative Insurance Co., in accordance with the provisions of Article (227) of the Companies Law, starting from today, July 31, till the end of Aug. 15, 2023, according to a statement to Tadawul.

Accordingly, any creditor of Al Sagr has the right to object to the merger deal by sending a registered letter to the company's head office in ATCO Building, King Khalid St., Dammam (Postal Code: Al-Khobar 31952, PO Box 3501), the company said.

For more details about the merger deal, please refer to the offer document issued by Gulf Union Alahlia and the circular of Al Sagr’s board of directors to shareholders, it added.

The CMA approved recently Gulf Union Alahlia's request to increase its capital from SAR 458.95 million to SAR 620.19 million by issuing 16.12 million ordinary shares, to merge with Al Sagr, as well as transfer the former's assets and liabilities to the latter through a share swap deal, according to Argaam's data.

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