KSA - Al Jazira Takaful to increase capital to merge with Solidarity
Thursday, 12 31 2020, Category: Islamic Insurance, Country: Saudi Arabia
The Capital Market Authority announced the issuance of its decision that includes approval of the request of Al-Jazira Takaful Cooperative Company to increase the capital of Al-Jazira Takaful Cooperative Company from three hundred and fifty million (350,000,000) Saudi riyals to four hundred seventy million six hundred and sixty-four thousand thirty (470,664,030) Saudi riyals by issuing twelve One million and sixty-six thousand four hundred and three (12,066,403) ordinary shares, for the purpose of merging Solidarity Saudi Takaful Company into Al Jazira Takaful Cooperative Company and transferring all Solidarity Saudi Takaful Company assets and liabilities to Al Jazira Takaful Cooperative Company through a securities exchange offer.
The shareholders ’circular regarding the capital increase of Al Jazira Takaful Cooperative Company will be published sufficiently before the date of the extraordinary general assembly of Al Jazira Takaful Cooperative Company. The shareholders ’circular must contain the information and data that the shareholders of Al-Jazira Takaful Cooperative Company need to see, especially information related to the capital increase and risk factors, before making their decision to vote on the decision to increase the capital for the aforementioned purpose.
The Authority’s decision included the approval of publishing the timetable for the offer in addition to the approval to publish the offer document submitted by Al-Jazirah Takaful Cooperative Company to the shareholders of Solidarity Saudi Takaful Company regarding the merger of Solidarity Saudi Takaful Company in Al Jazira Cooperative Takaful Company and transferring all the assets and liabilities of Solidarity Saudi Takaful Company to the Company.