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Al-Sagr Cooperative Insurance Company announces the signing of a memorandum of understanding to study the merger with Walaa Cooperative Insurance Company

ALSAGR INSURANCE 8180 2.79% 22.12 0.60

Further to Al-Sagr Cooperative Insurance Company announcement on Saudi Stock Exchange (Tadawul) website on 19/4/2018 regarding start of initial understanding with Walaa Cooperative Insurance Company to study economic feasibility on merger of the two companies, Al-Sagr Cooperative Insurance Company announces the signing of a memorandum of understanding (MOU) with Walaa Cooperative Insurance Company (non-binding) on Thursday 26/4/2018 to conduct the technical, financial and legal due diligence and continue non-binding discussions on terms and conditions of the proposed merger.

The MOU ends when the two companies sign the merger agreement or after six months from the date of the MOU. Both companies are eligible to end MOU by written notice to other party.

We also remind that the merger is subject to the regulatory approvals of the competent authorities and the general assemblies of each company.

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