The Director General of the Egyptian Company for Cooperative Insurance, Omar Jawda, said that his Company’s Board of Directors rejected the merger proposal offered by three insurance firms in the Kingdom of Saudi Arabia. Instead, the General Assembly of the Company decided to enlarge its capital to 50 million Saudi Riyals ($13 million), reported Al-Watan. Jawda said that the proposal was rejected since a merger would impose new regulations on the company’s customers, employees and financial portfolio. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
