SAMA approves merger transaction between Gulf Union Alahlia and Al Sagr Insurance

Gulf Union Alahlia Co. and Al Sagr Cooperative Insurance Co. announced the issuance of SAMA’s approval regarding the Merger Transaction and other ancillary matters, noting that the completion of the Merger Transaction remains subject to other conditions including certain regulatory approvals and the affirmative votes of the extraordinary general assemblies of both Gulf Union Alahlia and Al Sagr Cooperative Insurance Company on the Merger Transaction.

This comes in reference to Gulf Union Alahlia Cooperative Insurance Company previous announcement dated March 22, 2023 regarding signing a binding merger agreement with Al Sagr Cooperative Insurance Company, whereby it was agreed to take all the steps required by law to complete the merger transaction in accordance with the provisions of the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger Transaction”), whereas the previous announcement refers to several conditions and approvals required to complete the Merger Transaction, including the issuance of the approval from the Saudi Central Bank (SAMA) and other competent authorities.