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Shareholders of Gulf Union Cooperative Insurance Co. will vote on the terms and conditions of the company’s merger deal signed with Al-Ahlia Insurance Co. on June 4. in the extraordinary general meeting (EGM) scheduled for October 5.
They will also vote on increasing capital from SAR 150 million to SAR 229.47 million, the company said in a bourse statement on Sunday.
Shareholders will also discuss changing the company’s name to Gulf Union-Al-Ahlia Insurance Co. upon completion of the merger.
Gulf Union’s board of directors will be authorized to take any decision necessary with respect to the abovementioned agenda items, the statement added.
Shareholders registered in Tadawulaty system will be able to participate and vote on the agenda items as of Thursday, Oct. 1.
In a separate statement, Al-Ahlia Insurance said that its shareholders will vote on the merger offer made by Gulf Union, which will issue 7.95 million compensation shares in consideration of all issued capital in Al-Ahlia.
Al-Ahlia’s shareholders will also discuss approving the merger deal and authorizing the board of directors to take any decision necessary with respect to the abovementioned agenda items, the statement added.
The Saudi Capital Market Authority (CMA) approved on Aug. 31 Gulf Union’s request to increase its capital from SAR 150 million to SAR 229.47 million by issuing 7.95 million ordinary shares to merge with Al-Ahlia Insurance Co., Argaam reported.
Key Terms of Merger Deal |
|
Gulf Union capital |
SAR 150 mln (15 mln shares) |
Al-Ahlia capital |
SAR 123 mln (12.3 mln shares) |
Number of shares to be issued by Gulf Union |
7.95 mln |
Swap ratio |
0.646 share of Gulf Union for every 1 share of Al-Ahlia |
Gulf Union’s new capital |
SAR 229.47 (22.95 mln shares) |
Gulf Union’s stake after merger |
65.37% |
Al-Ahlia’s stake after merger |
34.63% |
Related News
Gulf Union issues circular, offer document for planned merger with Al-Ahlia |
CMA approves Gulf Union’s SAR 229.5 mln capital hike request to merge with Al-Ahlia |
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