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Saudi ACIG, Malath in preliminary talks over merger

Saudi ACIG, Malath in preliminary talks over merger
(Photo Credit: Arabianeye-Reuters)
MALATH INSURANCE
8020
0.33% 18.24 0.06
ACIG
8150
4.02% 11.90 0.46

Riyadh – Mubasher: Malath Cooperative Insurance and Reinsurance on Wednesday said its board has decided to commence a preliminary agreement with Allied Cooperative Insurance Group (ACIG) to study the economic feasibility of a merger between the two companies.

We will sign a non-binding memorandum of understanding (MoU) within 12 months, the two companies said in separate statements to the Saudi Stock Exchange (Tadawul).

The 12-month period will involve the technical, financial, and legal studies required for the merger, as well as setting a time frame for the studies, the two insurance companies said, adding that the results of the findings will be presented to each firm’s board.

Earlier in March, two other Saudi insurance firms announced entering a preliminary MoU over a possible merger. The companies are Al Ahlia Cooperative Insurance and Gulf Union Cooperative Insurance.