Wasatah Capital appointed as financial advisor to study the first potential merger in the insurance sector between Al-Ahlia for Cooperative Insurance Company and Gulf Union Co-Operative Insurance Co
Al-Ahlia Insurance Company announces that based on the request of latest Al-Ahlia Insurance Company board meeting which took place on Jumada al-awwal 30, 1438 corresponding February 28, 2017, to begin the initial discussions to study the merger between Al-Ahlia Insurance Company with Gulf Union Cooperative Insurance Company.
Both companies will undergo feasibility and due diligence studies regarding the proposed merger. Over the next twelve months both companies plans to negotiate and sign a term sheet which will include the overall structure of the merger and the timeline. Following the signing of the term sheet both companies will undergo technical, legal and financial studies. The results of the studies will be addressed to the Board of Directors. The merger process will require regulatory and General Assembly approvals to complete. Over this period, the Company plans to announce significant developments regarding the proposed merger.
Al-Ahlia Insurance Board has appointed Wasatah Capital as its financial advisor for this proposed transaction.