Gulf International Services, Doha Insurance Group discuss Al Koot M&A – The Peninsula

Gulf International Services, Doha Insurance Group discuss Al Koot M&A – The Peninsula

Doha: Gulf International Services and Doha Insurance Group announced that they intend to engage in initial negotiations on a potential all-share merger of Al Koot Insurance and Reinsurance Company, a wholly owned subsidiary of GIS, with Doha Insurance Group.

The potential merger, as a joint strategic priority, would create one of the largest local insurance companies with highly competitive potential and financial strength, that could provide world-class insurance services in various segments in line with Qatar National Vision 2030. The potential merger would form a local champion with increased competitive advantages and provide better avenues to fulfil and enhance the potentials of growth and expansion both domestically and internationally. Potential merger will allow capturing major commercial & operational synergies of service-oriented platform and human resources, financial, marketing and management expertise capabilities of both companies, in turn would lead to value creation for all the stakeholders, including respective shareholders of each company.

Qatar Central Bank have provided in-principle no-objection to both the companies subject to compliance with all provisions as set out in Articles 162 and 163 of Law No. 13 of 2012 on the Issuance of the Qatar Central Bank Law and Regulation of Financial Institutions.

Potential merger decision and its structure are