Buruj says GIG to sell entire stake for SAR 121.8M

Logo of Buruj Cooperative Insurance Co.

Buruj Cooperative Insurance Co. said that Gulf Insurance Group (GIG) has entered into a binding share sale and purchase agreement with Cigalah Trading Establishment on February 15 to sell its entire stake in Buruj, amounting to 8.55 million shares, or 28.50% of its capital, for SAR 121.84 million.

GIG and Cigalah are founding shareholders in Buruj.

The transaction is subject to some conditions, including obtaining regulatory approval, Buruj added in a statement to Tadawul.

Once the transaction is completed and the shares are transferred, there will be a change in the major shareholders' list.

Any significant developments will be announced, including the transfer of shares, the statement added.

Based on the transaction data today, the stake will be sold at SAR 14.25 per share. Buruj closed Feb. 15 at SAR 21.80.