Gulf Union issues circular, offer document for planned merger with Al-Ahlia

Gulf Union Cooperative Insurance Co. issued a circular, offer document and timetable of its capital hike to complete the merger with Al-Ahlia Insurance Co., the insurance company said in a statement.

This came with reference to the Capital Market Authority’s (CMA) approval on Aug. 31 for Gulf Union’s application to increase its share capital for the merger of Al-Ahlia into Gulf Union through a share swap.

The circular was prepared by Gulf Union in accordance with the requirements of the securities offer rules, and continuing obligations with respect to Gulf Union’s capital increase, in light of Al-Ahlia’s the merger into Gulf Union.

The circular may be obtained through the CMA’s portal, Gulf Union’s website or the Saudi Kuwait Finance, Gulf Union’s financial advisor.

The offer document was issued by Gulf Union and addressed to Al-Ahlia shareholders. It was prepared according to the merger offer made by Gulf Union to Al-Ahlia shareholders.

Al-Ahlia shareholders are required carefully read and consider all information contained in the offer document and the circular to be issued by Gulf Union board prior to making their decision on how to vote on the merger.

Moreover, the transaction timetable sets out the proposed dates for the main events for the implementation of the merger, in accordance with the requirements Merger and acquisitions regulations. The dates included therein are indicative only – and may be altered or amended - and will depend on, among other things, any procedures or periods imposed by the relevant regulators or whether (and the dates on which) the conditions of the Merger are satisfied. The timetable may be obtained through the Gulf Union or its financial advisor’s website.