Meysan advised Gulf Insurance Group K.S.C.P. (“GIG”), a major insurance group in the MENA region listed on Boursa Kuwait, on their full exit from Buruj Cooperative Company by way of sale of their stake to Cigalah Multi Industries Limited Liability Company. The exit was successfully completed with the sale of the entire 8,550,000 equity shares held by GIG, representing 28.5% of the share capital of Buruj Cooperative Company, a large insurance company in Saudi Arabia listed on the Saudi stock exchange Tadawul.
The transaction was executed through off-market trades for a total consideration of 121,837,500 Saudi Riyals and ran through various regulatory approvals in Saudi Arabia, including Saudi Insurance Authority, Saudi Central Bank (SAMA), Capital Market Authority, and General Authority of Competition, and entailed public announcements on Tadawul and Boursa Kuwait.
The Meysan team advising on the transaction was led by partner Tarek Yehya, counsel Neyla Rahal, and senior associate Samar Jrade.
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