Buruj Cooperative Insurance Company announces that it has received a letter from the founding shareholder, Gulf Insurance Group (GIG).

Buruj Cooperative Insurance Company announces that it has received a letter from the founding shareholder, Gulf Insurance Group (GIG).

Announcement Detail

Buruj Cooperative Insurance Company announces receiving a letter from the founding shareholder, Gulf Insurance Group (GIG), numbered (12 / 2024), dated 05/08/1445H corresponding to 15/02/2024G. The company is a Kuwaiti public shareholding company established according to Kuwaiti laws. The letter indicates that Gulf Insurance Group has entered into a binding share share sale and purchase agreement with the founding shareholder, Cigalah Trading Establishment, on 05/08/1445H corresponding to 15/02/2024G. According to the agreement, Gulf Insurance Group (GIG) will sell all its shares in Buruj Cooperative Insurance Company, which amounts to 8,550,000 shares representing 28.50% of the company's capital, to the founding shareholder, Cigalah Trading Establishment. This will be done through a private sale transaction for a total of 121,837,500 Saudi Riyals ("the Transaction"). However, the Transaction is subject to various conditions, including obtaining approval from regulatory authorities. Once the transaction is completed and the shares are transferred between the shareholders, there will be a change in the main shareholders of the company. Any significant developments will be announced, and upon transfer of shares between shareholders.

Buruj Cooperative Insurance Company announces that it has received a letter