Aljazira Takaful Taawuni Co. and Solidarity Saudi Takaful Co. obtained the approval of the Saudi Central Bank (SAMA) for merger on Nov. 30, 2020, the insurers said in two separate bourse filings today, Dec. 1.
Both insurers are finalizing other regulatory approvals, a step which will be followed by issuing the merger circular as well as the offer document to be approved by shareholders of both entities, the statement added.
The merger deal is subject to the approval of the extraordinary general meetings of both companies.
Related updates will be duly revealed, the statement added.
In August, Aljazira Takaful inked a binding merger agreement with Solidarity. The agreement will be implemented via a swap deal whereby Aljazira will issue 12.07 million new shares at SAR 10 ($2.66) each to Solidarity in exchange for all of its issued shares, with no cash payment in return, according to Argaam.
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