The abolition of the integration agreement between the “Gulf Union” and the “General Gulf”

The Gulf Cooperative Insurance Federation and the General Gulf Insurance Company announced the end of the integration agreement concluded and the abolition of the proposal for integration and the offer submitted in this regard.
On February 27, the National Union of the Gulf Federation announced the presentation of the offer and the generalization of shareholders related to the potential merger deal with the Gulf General Insurance Company.
The document of the show and the circular of shareholders indicated that one of the conditions of the merger deal is that there is no fundamental negative event and its continuation, which was defined in a way that includes any fundamental negative event that results in the decrease in the final evaluation of one of the two companies by 15% or more starting from June 30, 2024 AD, and due to the occurrence of a fundamental negative event for the general Gulf company, and the study of the board of directors, the two companies concluded an end agreement with a date 09/25/1446 AH (corresponding to 03/23/2025 AD).
Note that the two companies will take the necessary procedures to cancel the general assembly meeting alleged on 09/27/1446 AH (corresponding to 03/27/2025 AD), and details of this will be announced separately.