Morocco - Atlanta Insurance and Sanad merge
Tuesday, 06 02 2020, Category: Insurance and Reinsurance, Country: Morocco
The companies held their board of directors on Monday June 1, 2020 and have finalized the terms of their merger plan. This will be done through the absorption of Sanad by Atlanta, Sanad being an Atlanta subsidiary at 99.96%. The merger will be effected on an exchange basis of 11 Atlanta shares for 1 Sanad share.
The completion of the merger, which is scheduled for the end of September 2020, is subject to customary regulatory approvals, including obtaining approval for the merger and the agreement for the transfer of the entire estate from Sanad to Atlanta by ACAPS, obtaining the approval of the AMMC on the prospectus relating to the merger and approval of the merger by the extraordinary general meetings of the shareholders of Atlanta and Sanad.
This merger is a continuation of the strategic reorganization and development of the Finance Pole of the Holmarcom Group, said a press release issued on Monday, June 1.