Buruj: CMA approves the ownership transfer of two founders’ shares with the remaining of the ban on the transferred stocks

Buruj for Cooperative Insurance Company obtained today the Capital Market Authority’s approval to transfer the ownership of two founders’ stocks to a third founder.
 

The ban imposed by the CMA on the stocks will however remain after the ownership transfer process; the company said in a filing to Tadawul.
 

The details of the ownership transfer will be as follows:

1. The transfer of the United Gulf Investment Corporation’s stake of 520,000 shares or 4% of Buruj to Gulf Union Cooperative Insurance Company which owns 2.925m shares of Buruj representing 22.5% of the capital.
    
2. The transfer of Anwal United Trading Company’s stake of 260,000 shares or 2% of Buruj to Gulf Union Cooperative Insurance Company which owns 2.925m shares of Buruj representing 22.5% of the capital.