United Yousef Naghi sells full stake in Buruj to Al Yusr Gates Investment

25/08/2024 Argaam
Logo ofBuruj Cooperative Insurance Co.

Logo of Buruj Cooperative Insurance Co.

Buruj Cooperative Insurance Co. said United Yousef M.Naghi Co. Ltd. completed the sale of its entire stake (1.5 million shares) in the insurer to Al Yusr Gates Investment Ltd.

 

In a statement to Tadawul today, Aug. 25, Buruj noted that the transaction was executed after obtaining regulatory approvals.

 

Following the deal, Al Yusr Gates Investment replaces United Yousef Naghi among Buruj’s major shareholders, it added.

 

For More Mergers and Acquisitions

 

On Aug. 11, Buruj received a letter from the founding shareholder, United Yousef Naghi, notifying of the final agreement to complete a private sale and purchase transaction.

 

The agreement involved the sale of the United Yousef Naghi’s entire share in Buruj to Al Yusr Gates Investment for SAR 22.5 million, after obtaining regulatory approvals, Argaam reported.

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