Saudi Arabia: Walaa announces the effectiveness of the resolution to merge with SABB Takaful
Source: Middle East Insurance Review | Nov 2022
Walaa Cooperative Insurance Company (Walaa) announced the effectiveness of the resolution to merge SABB Takaful Company in Walaa on 18 October, according to a stock market statement.
Pursuant to the announcement, all of the assets and liabilities of SABB Takaful will be transferred to Walaa. According to Tadawul, the Saudi Stock Market, Walaa will issue 20,418,619 ordinary shares with a nominal value of SAR10 ($2.66) per share in favour of SABB Takaful shareholders. The issued shares will increase the paid-up capital of Walaa from SAR646m to SAR850.6m, which represents an increase in the number of shares of Walaa to 85m from 64.6m. M