Riyadh – Mubasher: Aljazira Takaful Taawuni Company announced receiving a no-objection letter from the Saudi Central Bank (SAMA) to merge with Solidarity Saudi Takaful Company.

The two insurers will continue working to obtain other necessary regulatory approvals to complete the merger. This includes the approval of the extraordinary general meeting (EGM) of the two firms, Aljazira Takaful said in a statement to the Saudi bourse on Tuesday.

In August 2020, Aljazira Takaful inked a binding merger agreement with Solidarity Saudi Takaful to acquire its 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.