SABB Takaful Company announces the end of the creditors’ objection period and the effectiveness of the merger transaction decision between SABB Takaful Company and Walaa Cooperative Insurance Company
| Element List | Explanation |
|---|---|
| Announcement Detail | Reference to the announcement of SABB Takaful Company (“SABB Takaful”) announcement on the Saudi Stock Exchange’s (Tadawul) website on the date of 22/02/1444H (corresponding to 18/09/2022) regarding the results of the extraordinary general assembly meeting of SABB Takaful, which included the approval of the offer submitted by Walaa Cooperative Insurance Company (“Walaa”) to merge SABB Takaful in Walaa (the “Merger Transaction”), and the commencement of the creditors ’objection period to the Merger Transaction in accordance with the provisions of Article (193) of the Companies Law, SABB Takaful announces the following:
• The end of the creditors' objection period by end of the day on Tuesday 22/03/1444H (corresponding to 18/10/2022G) and non-receipt of SABB Takaful of any objections from SABB Takaful Creditors during that Period. • Effecting of the Merger Transaction between SABB Takaful and Walaa. Accordingly, SABB Takaful has expired and all its assets and liabilities have been transferred to Walaa, which will continue to exist. As a result of the Merger Transaction, all the shares of SABB Takaful will be canceled, and Walaa will implement this, by increasing its capital, and issuing twenty million and four hundred and eighteen thousand and six hundred and nineteen (20,418,619) ordinary shares, with a par value of ten (10) Saudi Riyals per share, in favor of the shareholders of SABB Takaful who are registered in SABB Takaful share register at the Saudi Securities Depository Center Company (Edaa) before market opening on Sunday 27/03/1444H (corresponding to 23/10/2022G).
For updates on the subsequent steps related to the effectiveness of the Merger Transaction, please track the announcements of Walaa in this regard. |
Comments