Aljazira Takaful Taawuni Effectively Merges with Solidarity Following End of Creditor Objection Period

Saudi Arabian Takaful operator Aljazira Takaful Taawuni Company (ATT) has announced the enforcement of the decision to merge with Solidarity Saudi Takaful (Solidarity) and transfer all assets and liabilities of Solidarity to ATT, according to a Tadawul filing dated 28th of February 2021.

Why it matters?

As a result of the merger deal with both ATT and Solidarity fulfilling the merger conditions, ATT will issue 12.066 million ordinary shares at SAR 10 per share in favour of the shareholders of Solidarity. ATT, as the surviving entity, will assume the assets and liabilities of Solidarity, with the paid-up capital of ATT increasing to SAR 470.664 million from SAR 350 million and shares increasing to 47.07 million fully paid shares from 35 million. Acco...