Gulf International Services, Doha Insurance Halt Negotiations on Merger of Al-Koot Company

Doha, January 25 (QNA) - Gulf International Services (GIS) and Doha Insurance Group (DIG) halted their preliminary negotiations on evaluating a potential merger between Al-Koot Insurance and Reinsurance Company (Al-Koot); a wholly owned subsidiary of GIS, and Doha Insurance Group.
In a statement posted on Qatar Stock Exchange's website, GIS said: "The preliminary negotiations that have taken place between the two parties regarding this potential merger deal, have not arrived at a common vision that would lead to an initial agreement that achieves the mutual interests of the shareholders of the two companies.
"Accordingly, the two parties have decided to halt end negotiations and to withdraw completely from the proposed merger partnership deal." The management of both the parties expressed their appreciation to the regulatory authorities and other respective authorities, including Qatar Central Bank that supported in-principle the proposed merger. (QNA)