SABB Takaful Co. Announces an update on SABB Takaful Co. announces the signing of a binding merger agreement with Walaa Cooperative Insurance Co. (“Walaa”).

01 August 2022 08:10 AM

SABB TAKAFUL 8080 -2.87% 11.50 -0.34

Element List	Explanation
Introduction	Further to SABB Takaful Company’s announcement dated 26/07/1443H (corresponding to 27/02/2022G) regarding the execution of a binding merger agreement with Walaa Cooperative Co. (“Walaa”), whereby the parties agreed to take all the steps required by law to complete the merger transaction (the “Merger Transaction”), in accordance with applicable laws, in particular, the Companies Law, the regulations of the Capital Market Authority (“CMA”), including the Merger and Acquisition Regulations and the Rules on the Offer of Securities and Continuing Obligations, the Listing Rules issued by the Saudi Stock Exchange (“Tadawul”), as well as the relevant regulations of the Saudi Central Bank (“SAMA”), and whereas the previous announcement refers to several conditions and approvals required to consummate the Merger Transaction, including the issuance of the non-objection from the General Authority for Competition and the approval from SAMA and other competent authorities, SABB Takaful Company hereby announces receiving SAMA’s approval regarding the Merger Transaction on 02/01/1444H (corresponding to 31/07/2022G) and other ancillary matters, noting that the completion of the Merger Transaction remains subject to other conditions including obtaining the remaining regulatory approvals and the affirmative votes of the extraordinary general assemblies of both SABB Takaful Company and Walaa Cooperative Insurance Company on the Merger Transaction.
Previous Announcement	SABB Takaful Co. announces the signing of a binding merger agreement with Walaa Cooperative Insurance Co. (“Walaa”).
Date of Previous Announcement on Tadawul's Website	2022-02-27 Corresponding to 1443-07-26
Percentage of fulfilled achievement	N/A
Event's Expected Completion Date	N/A
Reasons for Exceeding the Announced End Date	N/A
The costs associated with the event, and if they have changed or not with indication of the reasons.	N/A
Impact of the Delay on the Company's Financial Results	N/A

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