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  • 01-08-22

    Saudi Central Bank agrees SABB Takaful’s collaboration with Walaa Insurance

    (MENAFN) SABB Takaful has established the Saudi Central Bank’s agree for the merger with competing insurer Walaa Insurance, after a compulsory deal among both sides last February.

    The carrying out of the business deal continue topic to earning regulatory agreements and votes of the unexpected general assemblies, in line with a bourse filing.

    Upon finishing of the agreement, SABB Takaful’s assets, liabilities, and rights are going to be shifted to Walaa Insurance as well as the former is going to cease to exist.

    Walaa Insurance is going to witness its stock capital increase to SR850 million (USD227 million), out of which 24 per cent are going to be detained by SABB Takaful’s stock investors.

    The merger is going to be conducted via a share swap where Walaa is going to release 0.6 stocks in contradiction of each stock issued by SABB Takaful.

    MENAFN01082022000045014228ID1104623945

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