MetLife AIG ANB Cooperative Insurance Company announces latest developments related to its possible merger with Walaa Cooperative Insurance Company
| Element List | Explanation |
|---|---|
| Introduction | Referring to announcement published by MetLife AIG ANB Cooperative Insurance Company on 29-09-2019G ("a binding Merger Agreement") that MetLife AIG ANB Cooperative Insurance Company and Walaa Cooperative Insurance Company have signed a binding merger agreement (the "Merger Agreement") under which the parties agreed to undertake the necessary steps to implement the merger transaction between them in accordance with provisions of articles 191 to 193 of Companies Law and subparagraph (1) of article 49 (a) of Merger & Acquisition Regulation ("Regulation") ("Merger Transaction"). The binding Merger Agreement announcement referred to can be found at the following link: https://tadawul.com.sa/Resources/fsPdf/989_562_2019-09-29_15-57-23_en.pdf |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2018-09-29 Corresponding to 1440-01-19 |
| Change on the Development | MetLife AIG ANB Cooperative Insurance Company announces that it has received a no-objection letter from Saudi Arabian Monetary Authority (SAMA) on the merger transaction on 24/12/2019G (27/04/1441H). The two companies will continue working to obtain required regulatory approvals. It should be noted that completion of the merger transaction is conditional upon obtaining all other required regulatory approvals, and the approval of the extraordinary general assembly of MetLife AIG ANB Cooperative Insurance Company on the merger transaction and also obtaining the approval of the extraordinary general assembly of Walaa Cooperative Insurance Company on the merger transaction. |
| Financial Impact on the change | After obtaining other required regulatory approvals, MetLife AIG ANB Cooperative Insurance Company will issue and publish a board circular addressed to MetLife AIG ANB Cooperative Insurance Company's shareholders for the purpose of providing the board opinion on the merger transaction. Walaa Cooperative Insurance Company will also issue and publish the offer document, which will be addressed to the shareholders of MetLife AIG ANB and will include the official offer of Walaa Cooperative Insurance Company to the shareholders of MetLife AIG ANB Cooperative Insurance Company. Both companies will then invite the Extraordinary General Assembly to vote on the merger transaction. |
| Additional Information | MetLife AIG ANB Cooperative Insurance Company will announce any substantial developments in the transaction in due course. |
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