GAC nods to Cigalah's acquisition of 28% stake in Buruj

30/06/2024 Argaam

GAC nods to Cigalah's acquisition of 28% stake in Buruj

Logo of Buruj Cooperative Insurance Co.

The General Authority for Competition (GAC) approved Cigalah Trading Establishment's application to acquire a 28% stake in Buruj Cooperative Insurance Co., according to a statement.

 

Buruj announced last February that Gulf Insurance Group (GIG) has entered into a binding share sale and purchase agreement with Cigalah Trading Establishment 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, data available to Argaam showed.

 

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