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BlueFive wants in on Saudi ins. player GGI: Abu Dhabi-based private equity firm BlueFive Capital lodged a non-binding offer to invest in Saudi-listed Gulf General Cooperative Ins. (GGI) via a proposed recapitalization, which would include a capital reduction followed by a fresh equity injection, according to a press release (pdf). The transaction remains subject to negotiations for a binding agreement and approvals from the Saudi Ins. Authority, the Capital Market Authority, and GGI’s extraordinary general assembly, the Jeddah-based company said in a bourse disclosure.
The company now wants to consolidate existing licensed ins. players through its newly launched ins-focused platform BlueFive Ins., it said in a separate press release (pdf). The dedicated ins. vehicle, which it plans to expand beyond the GCC into broader Middle Eastern and Southeast Asian markets, targets both shariah-compliant and conventional licensed insurers.
Transaction mechanics: GGI said BlueFive’s proposal requires the insurer to first cut its capital to reduce some 50% of accumulated losses initially then immediately hike it again, with BlueFive taking up all newly issued shares at SAR 10 apiece, as it looks to “clean up the company’s balance sheet.” It would likely take a significant minority stake in the company, CEO Anuj Agarwal told Asharq Business (watch, runtime: 12:39).
A formal exclusivity window: The structure suspends existing shareholders’ pre-emptive rights. Both sides have a two-month exclusivity period — starting 24 November — after which the talks lapse unless extended. GGI also flagged a conflict of interest involving board member Saud Al Sulaiman, who holds a minority stake in BlueFive.
ADVISORS- SNB Capital is advising BlueFive, while GIB Capital is advising GGI.
ICYMI- BlueFive’s been busy expanding its footprint: The firm recently launched an Omanunit, BlueFive Capital Majan, as part of a push to build a presence in Muscat. The move focuses on investment advisory, capital raising, and cross-border partnerships, and targets sectors including infrastructure, logistics, sustainable energy, and financial innovation. The firm also plans to close a USD 1 bn Asia fund in 4Q 2025 and launch a USD 500 mn private equity fund with China’s CICC Capital.
