UAE: Salama and Takaful Emarat cancel merger

Source: Middle East Insurance Review | Mar 2023

An intended merger between Islamic Arab Insurance Company (SALAMA) and Takaful Emarat has been called off, according to a statement filed on the Dubai Financial Market (DFM) last month.

In October 2022, both operators announced their plan to conduct a merger through a non-cash deal, likely by SALAMA issuing additional shares for Takaful Emarat shareholders.

The statement SALAMA posted on the DFM said that despite not heading on with merger, both operators will discuss alternative agreements that might include the acquisition of the operations and not the assets of Takaful Emarat. “Reference to the intended merger between Islamic Arab Insurance Company (SALAMA) and Takaful Emarat, the Company would like to announce that merger through share issuance (merger) is not being considered but the two companies are in discussions for alternative arrangements including the acquisition of the takaful operation of Takaful Emarat only, not the assets of the company,” said SALAMA’s statement on DFM. M

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