Aljazira Takaful and Solidarity Saudi Takaful Both Receive Shareholder Approval for Impending Merger Developments

According to separate Tadawul filings dated 27th of January 2021, Saudi Arabian Takaful operators Aljazira Takaful Taawuni (ATT) and Solidarity Saudi Takaful (Solidarity) have obtained approval from their respective shareholders regarding developments of their impending merger deal.

ATT’s shareholders approved the merger with Solidarity through capital increase during an EGM held on the 26th of January 2021. The merger will take place through the issuance of 0.483 shares in ATT for every share in Solidarity, with a total of 12.07 million shares to be issued, according to the filing by ATT. In addition, shareholders approved the increase of ATT’s capital to SAR 470.66 million from SAR 350 million, which represents a 34.48% increase, under the terms and conditions of...