KSA - Aljazira Takaful, Solidarity ink binding merger deal
Tuesday, 08 25 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
Aljazira Takaful Taawuni Company has signed a binding merger agreement with Solidarity Saudi Takaful Company on 23 August 2020 to acquire the latter’s entire issued shares.
The merger will be implemented via a share swap where Aljazira Takaful will issue new ordinary shares to Solidarity Saudi Takaful shareholders in exchange for its issued shares, according to a bourse statement on Monday.
In January, the two insurers signed an amended non-binding memorandum of understanding (MoU) to evaluate a potential merger between the two firms.
Accordingly, the two companies conducted inspections on the technical, financial, legal, and actuarial aspects of the merger deal terms and conditions.