Riyadh – Mubasher: Malath Cooperative Insurance and Allied Cooperative Insurance Group (ACIG) announced not to continue their merger talks.

The decision came after the two companies failed to reach a preliminary agreement regarding the method for valuating them, Malath and ACIG said in separate statements to the Saudi Stock Exchange (Tadawul) on Thursday.

In March, the two Saudi insurance firms had decided to extend the period for their initial merger study for an addition six months.

Malath Cooperative Insurance’s stock closed Thursday down 1.32% to SAR 15, while ACIG declined 1.19% to SAR 18.32.