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Riyadh – Mubasher: The extraordinary general meeting (EGM) of Aljazira Takaful Taawuni Company approved raising the firm’s capital from SAR 350 million to SAR 470.7 million to merge with Solidarity Saudi Takaful Company.
The EGM consented to merge Solidarity into Aljazira Takaful by issuing 0.482656120 shares in Aljazira Takaful for every share in Solidarity, according to a bourse disclosure on Wednesday.
Moreover, it approved the provisions of the merger agreement Aljazira Takaful inked with Solidarity in August 2020.
Last December, The Capital Market Authority (CMA) approved Aljazira Takaful’s request to increase its capital by issuing 12.1 million ordinary shares to merge with Solidarity.