The Saudi Insurance Authority has approved the proposed merger between The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) and Buruj Cooperative Insurance Company.
The two companies announced this in separate statements on Tadawul.
Buruj will be merged into MedGulf and all of Buruj’s rights, liabilities, assets and contracts will be subsumed by MedGulf in exchange for MedGulf’s issuance of 33,157,894 new ordinary shares with a nominal value of SAR10 ($2.67) each in MEDGULF to Buruj’s shareholders.
The merger deal is subject to several other conditions that have not yet been met, including the approval of the Capital Market Authority and both companies' shareholders.
In July 2024, MedGulf and Borouge signed a non-binding memorandum of understanding to assess the feasibility of a merger between the two companies. In January 2025, they received a no-objection letter from the General Authority for Competition. In July 2025, the two companies entered into a binding merger agreement.