Saudi Arabia: Walaa and SABB Takaful shareholders approve merger

Source: Middle East Insurance Review | Oct 2022

Walaa Cooperative Insurance has received approval from its shareholders to merge with SABB Takaful, after a binding agreement was reached in February between the two parties, the insurer announced in a stock exchange statement last month.

Walaa received its shareholders’ approval to raise its share capital to SAR851m ($227m), of which 24% will go to SABB Takaful’s shareholders, according to the bourse filing.

Earlier in September, SABB Takaful also announced that its shareholders at an extraordinary general meeting on 15 September had approved the merger offer submitted by Walaa.

The merger will be conducted through a share swap where Walaa will issue 0.6 shares against each share issued by SABB Takaful.

Upon completion of the deal, SABB Takaful’s assets, liabilities, and rights will be transferred to Walaa, and the former will cease to exist. M

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