Riyadh – Mubasher: The Saudi General Authority for Competition (GAC) announced that Walaa Cooperative Insurance Company and MetLife AIG ANB Cooperative Insurance Company has filed for economic concentration through a merger.

Both companies are working in the insurance and reinsurance business and listed on the Saudi Stock Exchange (Tadawul).

GAC is asking the general public to present their opinion on the potential merger within 15 days, according to the authority’s statement on Thursday.

The two insurance firms entered into a binding merger agreement on 29 September 2019.

The deal would see Walaa purchase all of the shares held by MetLife’s shareholders through offering a swap deal that will include an exchange of shares without any cash consideration.