Al Sagr board mulls alternative plans for merger

04/09/2023 Argaam
Logo of Al Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co.’s board of directors will start studying an alternative plan after the company’s shareholders disapproved merger proposal with Gulf Union Alahlia Cooperative Insurance Co. 

 

The new plan includes raising the company’s capital to the required statutory limit and boosting the solvency margin to the required minimum ceiling, the insurer said in a statement to Tadawul. 

 

A financial advisor will be appointed, the statement added. 

 

On Aug.31, Al Sagr shareholders disapproved Gulf Union AlAhlia’s merger proposal, as per Articles (225), (227), (228) and (229) of the Companies Law, data compiled with Argaam showed.  

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