KSA - Shareholders approve Walaa Cooperative, MetLife merger
Thursday, 01 30 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The extraordinary general assembly meeting (EGM) of Walaa Cooperative Insurance Company has approved the proposed merger with MetLife AIG ANB.
The EGM has also approved raising the company’s capital from SAR 528 million to SAR around 646.5 million, according to a statement to the Saudi Stock Exchange (Tadawul).
Moreover, shareholders have authorized the Board of Directors of Walaa Insurance Company to take any action as may be necessary to implement the approved resolutions.
Meanwhile, MetLife AIG ANB announced in a separate bourse filing that its shareholders approved provisions of the merger agreement during its EGM on Monday, and authorized the board to issue any decision or take any action that may be necessary to implement the deal.
Correspondingly, MetLife announced the start of a creditors' objection period that begins today 28 January 2020 and ends on 27 February 2020.
The Capital Market Authority (CMA) and the Saudi Arabian Monetary Authority (SAMA) recently approved the merger deal.