Gulf Insurance Group (“GIG Saudi”) announces the latest developments in respect of a previous notification by its shareholder, Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) an entity registered in Bahrain, of the potential change in the shareholding of its parent company, Gulf Insurance Group K.S.C.P. (“GIG Kuwait”) an entity registered in Kuwait.
| Element List | Explanation |
|---|---|
| Introduction | With reference to GIG Saudi's announcement made on 25 April 2023 in respect of the notification by its shareholder, GIG Gulf (an entity registered in Bahrain) of the potential change in the shareholding of its parent company GIG Kuwait (an entity registered in Kuwait), we would like to inform our esteemed shareholders that GIG Saudi has received a further notification from GIG Gulf as its majority shareholder on the completion of the change in the ownership structure of its parent company, GIG Kuwait.
Following receipt of the relevant regulatory approvals, and pursuant to an agreement entered into on 19 April 2023, Kuwait Projects Company (Holding) K.S.C.P. (“KIPCO”) completed a sale of 46.32% of shares in GIG Kuwait to Fairfax Barbados (International) Corp. (“Fairfax Barbados”), an entity that is part of a group of companies of which the ultimate parent is Fairfax Financial Holdings Limited (the “Fairfax Group”), on 26 December 2023. Fairfax Group now owns 90.01% of GIG Kuwait, which in turn owns 99% of GIG Gulf. GIG Gulf owns 50% of GIG Saudi. This change of the shareholding in GIG Kuwait, will not impact the legal structure of GIG Saudi, the Board of Directors, operating model, management, employees, customers or branding of GIG Saudi. The Fairfax Group is now one of the top 20 global insurance and reinsurance groups with annual gross premiums of approximately US$30 billion and a presence across 40 markets. |
| Previous Announcement | Gulf Insurance Group (“GIG Saudi”) has been notified by its shareholder Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) an entity registered in Bahrain of a potential change in the shareholding of its parent company Gulf Insurance Group K.S.C.P. (“GIG Group Kuwait”) an entity registered in Kuwait. |
| Date of Previous Announcement on Tadawul's Website | 2023-04-25 Corresponding to 1444-10-05 |
| Percentage of fulfilled achievement | Kuwait Projects Company (Holding) K.S.C.P. (“KIPCO”) completed a sale of 46.32% of shares in GIG Kuwait to Fairfax Barbados (International) Corp on 26 Dec 2023 Percentage of fulfilled achievement 100% |
| Event's Expected Completion Date | Completed |
| Reasons for Exceeding the Announced End Date | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
| Impact of the Delay on the Company's Financial Results | Not applicable |
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