Brand Borouge Firm and Midgel Firm
I specified the corporate The Mediterranean and the Gulf Insurance coverage and Cooperative Insurance coverage “Midgag”And an organization Borouge Cooperative Insurance coverage On Thursday, October 23, 2025, a date for a vote on the combination deal between them, in line with two statements immediately, on Tadawul.
The extraordinary common meeting of Borouj Insurance coverage Firm, scheduled for Thursday, October 23, 2025, voted on the supply submitted by Meidgalv to the shareholders of Buruj Firm for the aim of merging Bruges in Midgul, and the expiration of Bruges Firm on account of that.
To see extra information and processes of mergers and acquisitions
The extraordinary common meeting of the Mediterranean and the Gulf Insurance coverage and Cooperative Insurance coverage Firm “Midgalv”, scheduled to be held on Thursday, October 23, 2025, can also be voting to extend the corporate’s capital for the aim of integration with Bruges Firm, As the next desk reveals:
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Particulars of elevated capital, Medgog, to finish the combination course of
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The present capital of Midgap
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1050 million riyals
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The present variety of shares
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105 million shares
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The present capital of Bruges
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300 million riyals
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The present variety of shares
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30 million shares
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The variety of inventory shares for the aim of integration
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33.16 million shares
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Change laboratory
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Borouge shareholders get hold of 1.11 shares in Medgouf for every share they personal
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The nominal worth of exporting shares
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10 riyals
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Those that are entitled to shares
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Procurators of Borouj eligible
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Midgeg capital after the rise
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1381.58 million riyals
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The variety of shares of the corporate after the rise
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138.16 million shares
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The speed of enhance in capital
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31.58%
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Midgag’s shareholders’ possession when finishing the merger
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76 %
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Possession of Borouge shareholders upon completion of the merger
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24 %
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In line with knowledge numbersMidgul and Buruj, in July 2024, a memorandum of understanding shouldn’t be obligated to evaluate the feasibility of the merger of the 2 corporations, and final January, the 2 corporations acquired the shortage of reluctance of the Public Authority to compete for the completion of the method of financial focus ensuing from the proposed integration deal.
Final July, the 2 corporations concluded a binding integration settlement in line with which the Bruges Firm is built-in into the Midgul firm and the switch of all its rights, obligations, property and contracts to the Midgalv firm in alternate for the Midgegal firm issuing 33.16 million atypical shares for the shareholders of Bruges Firm, and the Capital Market Authority agreed to extend the capital of Midgalv throughout This month.
