Riyadh – Mubasher: The Capital Market Authority (CMA) approved Aljazira Takaful Taawuni Company’s request to increase its capital from SAR 350 million to SAR 470.6 million by issuing 12.1 million ordinary shares to merge with Solidarity Saudi Takaful Company.

The merger will be carried out through a securities exchange offer, the CMA said in a statement on Wednesday.

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