June 21, 2017 / 6:31 AM / a month ago

BRIEF-Al Ahlia for Cooperative Insurance signs merger deal with Gulf Union

1 Min Read

June 21 (Reuters) - Al Ahlia for Cooperative Insurance Co :

* Signs MOU with Gulf Union Cooperative Insurance to begin financial, legal and actuarial due diligence for proposed merger

* Both companies agreed that, if proposed merger occurs, it will be implemented by way of an exchange of shares

* After proposed merger is completed, co will become a subsidiary of Gulf Union Cooperative Insurance

* Under proposed merger terms , Gulf Union Cooperative Insurance will issue 0.5625 new shares for every one issued share in co

* Based on agreed exchange ratio Gulf Union Cooperative Insurance will issue 9 million new shares to co's shareholders in exchange for all issued shares of co Source text for Eikon: Further company coverage: )

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