MEDGULF enters binding merger deal with Buruj
Accordingly, MEDGULF will subsume all of Buruj's rights, liabilities, assets and contracts.
In exchange, MEDGULF will issue 33.157 million new ordinary shares with a nominal value of SAR 10 each to Buruj shareholders.
Earlier, MEDGULF had disclosed its firm intention to make an offer under a merger deal, in accordance with the conditions and provisions of the merger agreement, the two insurers said in separate statements to Tadawul.
Any material developments relating to the merger will be announced in due course, the statements added.
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