Riyadh – Mubasher: Al Ahlia Insurance Company has received a no objection letter on 10 August from the Saudi Arabian Monetary Authority (SAMA) concerning its potential merger with Gulf Union Cooperative Insurance Company.

The two insurers will now proceed to obtain other necessary regulatory approvals, according to a stock exchange filing on Tuesday.

Moreover, the merger will be subject to the approval of the respective extraordinary general meetings (EGMs) of both parties.

In June, both companies signed a binding Memorandum of Understanding (MoU) to take necessary steps to carry out the merger.