Buruj for Cooperative Insurance Company obtained today the Capital Market Authority’s approval to transfer the ownership of two founders’ stocks to a third founder.
The ban imposed by the CMA on the stocks will however remain after the ownership transfer process; the company said in a filing to Tadawul.
The details of the ownership transfer will be as follows:
- The transfer of the United Gulf Investment Corporation’s stake of 520,000 shares or 4% of Buruj to Gulf Union Cooperative Insurance Company which owns 2.925m shares of Buruj representing 22.5% of the capital.
- The transfer of Anwal United Trading Company’s stake of 260,000 shares or 2% of Buruj to Gulf Union Cooperative Insurance Company which owns 2.925m shares of Buruj representing 22.5% of the capital.
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