Riyadh – Mubasher: Allied Cooperative Insurance Group (ACIG) appointed Saudi Kuwaiti Finance House (SKFH) as a financial advisor to manage its merger with Malath Cooperative Insurance and Reinsurance.
In March, the boards of the two Saudi-listed insurance companies had decided to commence a preliminary agreement to study the economic feasibility of a merger.
The two firms will sign a non-binding memorandum of understanding (MoU) within 12 months that will involve the technical, financial, and legal studies required for the merger, as well as setting a time frame for the studies.
