GIG announces change in shareholding of its parent company in Kuwait

Gulf Insurance Group (“GIG Saudi”) announced on Sunday that the latest developments in respect of a previous notification by its shareholder, Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) an entity registered in Bahrain, of the potential change in the shareholding of its parent company, Gulf Insurance Group K.S.C.P. (“GIG Kuwait”) an entity registered in Kuwait.

The Company explained today on Tadawul that following receipt of the relevant regulatory approvals, and pursuant to an agreement entered into on 19 April 2023, Kuwait Projects Company (Holding) K.S.C.P. (“KIPCO”) and Fairfax Barbados (International) Corp. (“Fairfax Barbados”), an entity that is part of a group of companies of which the ultimate parent is Fairfax Financial Holdings Limited (the “Fairfax Group”), completed the execution of the off-market trades on 13 December 2023 with settlement to occur at a later time in line with applicable mechanisms.

Added that the completion of the transaction will result in the transfer of KIPCO’s 46.32% shares to Fairfax Barbados with the Fairfax Group owning 90.01% of GIG Kuwait, which in turn owns 99% of GIG Gulf. GIG Gulf owns 50% of GIG Saudi.

This change of the shareholding in GIG Kuwait, will not impact the legal structure of GIG Saudi, the Board of Directors, operating model, management, employees, customers or branding of GIG Saudi.