Buruj says GIG sells entire stake for SAR 121.8M

07/08/2024 Argaam
Logo ofBuruj Cooperative Insurance Co.

Logo of Buruj Cooperative Insurance Co.

Buruj Cooperative Insurance Co. said Gulf Insurance Group (GIG) completed the sale of its entire 28.50% stake (8.55 million shares) in the former to Cigalah Trading Establishment for SAR 121.84 million.

 

In a statement to Tadawul today, Aug. 7, Buruj noted that the transaction was closed after obtaining the regulatory approvals.

 

For more news and details on M&As

 

The deal will see the buyer replacing the seller among Buruj’s major shareholders, it added.

 

Buruj earlier received a letter from GIG, a Kuwaiti public joint-stock company, dated Feb. 15, 2024, indicating a binding share sale and purchase agreement with Cigalah.

 

The agreement entailed GIG selling all its shares in Buruj to Cigalah, in a negotiated deal valued at SAR 121.84 million.

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