GIG to sell its stake in Buruj

Gulf Insurance Group (GIG) has signed an agreement with Cigalah Trading Establishment for the sale of its 28.5% stake in Buruj Cooperative Insurance.

The transaction is valued at 121.84 million SAR (32.5 million USD).

The deal is still pending approval by the relevant authorities.

For the record, GIG and Cigalah are the founding shareholders of the Saudi insurance company Buruj.