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Buruj Cooperative Insurance Company's Announcement on Recent Developments the Receipt of a Letter from the Founding Shareholder, Gulf Insurance Group.
| Element List | Explanation |
|---|---|
| Introduction | In reference to the company's announcement published on 01/11/1445 H, corresponding to 09/05/2024 G, regarding the receipt of a letter from the founding shareholder/ Gulf Insurance Group, indicating the transfer of all obligations and rights related to the buyer of the deal announced on 08/08/1445 H, corresponding to 18/02/2024 G, from 'Cigalah Trading Establishment' to 'Cigalah Multi Industries Limited Liability Company', both owned by the same owner, in compliance with the provisions and requirements of the relevant regulatory authorities in the Kingdom of Saudi Arabia. Accordingly, we would like to inform the esteemed shareholders that "the transaction" has been completed between shareholders has been finalized after obtaining the necessary regulatory approvals. We also wish to point out that this transaction will lead to a change in the company's major shareholders, with the buyer now replacing the seller among the company's major shareholders. This change will be reflected on the Substantial Shareholders page. We would also like to point out that the transaction was completed according to the same details announced in the company's announcement published on 08/08/1445 H, corresponding to 18/02/2024 G. This announcement indicated that the number of shares to be sold by the founding shareholder/Gulf Insurance Group, was 8,550,000 shares, representing 28.50% of the capital of Buruj Cooperative Insurance Company, for a total consideration of 121,837,500 Saudi Riyals. |
| Previous Announcement | Addendum announcement from Buruj Cooperative Insurance Company regarding receipt of a letter from the founder shareholder/Gulf Insurance Group. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-05-09 Corresponding to 1445-11-01 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The transaction completed. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable. |
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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