KSA - Solidarity, Aljazira Takaful ink new merger MoU
Tuesday, 01 21 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Solidarity Saudi Takaful Company and Aljazira Takaful Taawuni Company have signed an amended non-binding memorandum of understanding (MoU) to evaluate a potential merger between the two firms.
Accordingly, the two companies will conduct inspections on the technical, financial, legal, and actuarial aspects of the merger deal terms and conditions.
Aljazira and Solidarity agreed that evaluation will be based on the equity book value and the adjusted equity book value as of 31 December 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
The new agreement is valid until the end of September 2020.