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Borouge Cooperative Insurance Company – Borouge announced the end of the creditors’ objection period to the merger deal with the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company – Medgulf at the end of Thursday, October 9, 2025.
The company explained in a statement on Tadawul that during this period, the company received an objection from one of its creditors, and the value of the debt was confirmed at approximately 770 thousand riyals, indicating that repayment measures will be taken in accordance with regulatory requirements in the coming weeks.
The company said that the merger will not be affected and will not be stopped as a result of this objection.
The company pointed out that the merger is subject to a number of other conditions, the most important of which is the approval of the shareholders of both companies, indicating that it will announce any fundamental developments regarding the merger deal in due course.
According to the data available on numbersBoth Medgulf and Borouge have set Thursday, October 23, 2025, as the date to vote on their merger deal.
The Extraordinary General Assembly of Burouge Insurance Company votes on the offer submitted by Medgulf for the purpose of merging Borouge into Medgulf, and the termination of Borouge as a result.
The Extraordinary General Assembly of Medgulf also votes to increase the company’s capital for the purpose of merging with Borouge.
