Walaa Insurance Cooperative Company announces the decision of the Board of Directors on Wednesday 18/04/2018 to approve the start of the initial understanding with Al-Saqr Cooperative Insurance Company to study the economic feasibility of the merger of the two companies. During the next 6 months, the two companies will sign a non-binding memorandum of understanding to conduct the technical, financial and legal studies necessary for the merger process, schedule them and then present the results of these studies to the boards of directors of the two companies.

It is worth mentioning that the merger process is subject to the regulatory approvals of the competent authorities and the general assemblies of each company. The company will announce any developments in this regard later.