MetLife AIG ANB announces the end of the creditors ’objection period and the effectiveness of the merger deal decision between MetLife AIG ANB and Walaa Cooperative Insurance Company
| Element List | Explanation |
|---|---|
| Announcement Detail | With reference to the two announcements of MetLife AIG ANB on the date of 03/06/1441 H (corresponding to 28/01/2020 G) on Tadawul on the results of the extraordinary general assembly meeting of MetLife AIG ANB, which included the approval of the offer submitted by Walaa Cooperative Insurance Company (“Walaa Company”) to merge MetLife AIG ANB in Walaa Company (“the merger deal”), and the commencement of the creditors ’objection period to the merger deal in accordance with the provisions of Article (193) of the Companies Law, MetLife AIG ANB announces the following:
- The end of the creditors' objection period by end of the day 03/07/1441 H (corresponding to 27/02/2020 G) and non-receipt of MetLife AIG ANB of any objections from MetLife AIG ANB Creditors during that Period.
- Effecting of the merger decision between MetLife AIG ANB and Walaa Company. Accordingly, MetLife AIG ANB has expired and all its assets and liabilities have been transferred to Walaa, which will continue to exist. As a result of the merger deal, all the shares of MetLife AIG ANB will be canceled, and Walaa will implement this, by increasing its capital, and issuing (11,839,706) ordinary shares, with a par value of ten (10) riyals per share, in favor of the shareholders of MetLife AIG ANB, registered in MetLife AIG ANB shareholders Register at Edaa at the end of the trading period on Thursday 03/07/1441 H corresponding to 27/02/2020 G).)
For updates on the subsequent steps related to the effectiveness of the merger, please track the announcements of Walaa Company in this regard. |
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