Riyadh - Mubasher: The extraordinary general meeting (EGM) of Gulf Union Cooperative Insurance Company approved merging the company with Al Ahlia Insurance Company through issuing 0.646 shares in Gulf Union for every share in Al Ahlia (the merger deal).
It further agreed to increase Gulf Union’s capital to SAR 229.474 million from SAR 150 million, according to a bourse filing on Tuesday.
Moreover, it approved the provisions of the merger agreement concluded between Gulf Union and Al Ahlia Insurance on 4 June 2020 and approved changing the name of the merging firm to “Gulf Union Company - Al Ahlia for Cooperative Insurance) following the completion of the merger deal.
