AlAhli Takaful Company announces an update on the latest developments on the signing of a Binding Merger Agreement with Arabian Shield Cooperative Insurance Company
| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement made by AlAhli Takaful Company (“ATC”) published on Tadawul website dated 02/12/1442H corresponding to 12/07/2021G in connection with ATC signing a binding merger agreement to merge with Arabian Shield Cooperative Insurance Company (“Arabian Shield”).
pursuant to which ATC and Arabian Shield have agreed to take the necessary steps to implement a merger between the two firms in accordance with the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger”), and whereby the announcement stipulated that the Merger is subject to a number of conditions and approvals including obtaining regulatory approvals from the Saudi Central Bank and the General Authority for Competition and other competent authorities,
ATC announces the issuance of the non-objection of the Saudi Central Bank on 20/03/1443H (corresponding to 26/10/2021G) on the Merger and a number of relevant matters, noting that the Merger remains subject to a number of conditions including obtaining the remaining regulatory approvals and the approvals of the firms’ shareholders. |
| Previous Announcement | AlAhli Takaful Company Announces its entry into a binding agreement to merge with Arabian Shield Cooperative Insurance Company |
| Date of Previous Announcement on Tadawul's Website | 2021-07-12 Corresponding to 1442-12-02 |
| Percentage of fulfilled achievement | Not Applicable |
| Event's Expected Completion Date | Not Applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not Applicable |
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