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Gulf Insurance Group (“GIG Saudi”) has been notified by its shareholder Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) an entity registered in Bahrain of a potential change in the shareholding of its parent company Gulf Insurance Group K.S.C.P. (“GIG Group Kuwait”) an entity registered in Kuwait.
| Element List | Explanation |
|---|---|
| Announcement Detail | "Gulf Insurance Group (“GIG Saudi”) has been notified by its shareholder Gulf Insurance Group (Gulf) B.S.C. (c) (“GIG Gulf”) an entity registered in Bahrain of a potential change in the shareholding of its parent company Gulf Insurance Group K.S.C.P. (“GIG Group Kuwait”) an entity registered in Kuwait. GIG Group Kuwait, which owns 99% of GIG Gulf, has two major shareholders - Fairfax Middle East Holding Inc. (“Fairfax”) with a shareholding of 43.43% and Kuwait Projects Company Holding & Group (“KIPCO”) with a shareholding of 46.32% with the remaining shareholding being held by the public. GIG Gulf owns 50% of GIG Saudi. As per an announcement made by Fairfax & GIG Group Kuwait, an agreement has been signed with KIPCO to acquire their shares in GIG Group Kuwait subject to Kuwait regulatory Authorities’ approvals. The potential shareholding change in GIG Group, will not impact the legal structure of GIG Saudi, the Board of Directors, operating model, management, employees, customers or branding of the Company." Fairfax is one of the world’s largest global insurers operating across 40 markets based on Toronto, engaged in property, casualty insurance and reinsurance and investment management. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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