United Yousef Naghi sells stake in Buruj for SAR 22.5M

Buruj Cooperative Insurance Co. received, on Aug. 11, a letter from the founding shareholder, United Yousef M. Naghi Co. Ltd., notifying of the final agreement to complete a private sale and purchase transaction.

In a statement to Tadawul, the insurer said that the agreement involves the sale of the United Yousef M. Naghi’s entire share in Buruj, amounting to 1.5 million shares, to Al Yusr Gates Investment Ltd. Co. for SAR 22.5 million, after obtaining regulatory approvals.

Accordingly, upon the completion of the transaction and the transfer of shares between the shareholders, there will be a change in the major shareholders of the company.

An announcement will be made in the event of any material developments and upon the completion of the shares transfer between the shareholders, the statement added.

According to data compiled by Argaam, United Yousef M. Naghi Co. owns 5% stake in Buruj.

Earlier, Gulf Insurance Group (GIG) sold its entire 28.50% stake (8.55 million shares) in the Buruj to Cigalah Trading Establishment for SAR 121.84 million.