SABB Takaful Co. announces the start of the creditors' objection period related to the merger between SABB Takaful Co. and Walaa Cooperative Insurance Company.
| Element List | Explanation |
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| Announcement Detail | With reference to the announcement of SABB Takaful Co. (“SABB Takaful”) today, on 22/02/ 1444 H (corresponding to 18/09/2022 G), on Tadawul, regarding the results of the Extraordinary General Assembly Meeting of SABB Takaful, that included the approval of the offer submitted by Walaa Cooperative Insurance Company (“Walaa”) to merge SABB Takaful with Walaa in accordance with the provisions of Articles 190 to 193 of the Companies Law and the provisions of subparagraph (1) of Paragraph (a) of Article 49 of the Merger and Acquisition Regulations (“Merger Deal”), SABB Takaful announces the start of the creditors ’objection period to the Merger Deal in accordance with the provisions of Article (193) of the Companies Law.
Accordingly, any creditor of SABB Takaful has the right to object to the Merger Deal by sending a registered letter to the main office of SABB Takaful located in Riyadh city Salah Ad Din AlAyyubi Adh Dhubbat. The creditors’ objection period starts from this day 22/02/1444 H (corresponding to 18/09/2022 G) and ends at the end of Tuesday 22/03/1444 H (Corresponding to 18/10/2022 G). Under the Companies Law, the merger decision will be effective after the expiry of this period, in the absence of any objection from the creditors of SABB Takaful to the Merger Deal.
For more details about the Merger Deal, please refer to the offer document issued by Walaa and the Circular issued by the Board of Directors of SABB Takaful. |
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