‎Walaa Insurance, SABB Takaful say merger completed, SABB Takaful shares suspended ahead of delisting

‎Walaa Insurance, SABB Takaful say merger completed, SABB Takaful shares suspended ahead of delisting

Walaa Cooperative Insurance Co. and SABB Takaful Co. announced that the merger transaction became effective and that all assets and liabilities of SABB Takaful have been transferred to Walaa Insurance.

In separate statements to Tadawul, the insurers said the merger was complete as Walaa issued 20.41 million ordinary shares at a nominal value of SAR 10 per share for SABB Takaful shareholders included in the register at the Securities Depository Center Co. (Edaa) before the market opening on Oct. 23, 2022.

SABB Takaful announced that the creditor objection period expired by the end of Oct. 18, without any opposition.

Following this, the merger deal became effective where all of its assets and liabilities were transferred to Walaa and SABB Takaful shares will be delisted.

Walaa noted that the share issuance will be through a capital increase from SAR 646.4 million to SAR 850.6 million, and, accordingly, the number of shares will increase from 64.6 million to 85.1 million after fulfilling the merger agreement terms.

As set out in the important dates and milestones of the merger transaction in the shareholder circular and offer document, the de-listing of SABB Takaful shares on Tadawul, and, listing and depositing of the new shares in the accounts of the