Saudi’s Capital Market Authority Approves Aljazira Takaful Taawuni’s Capital Hike for Solidarity Saudi Takaful Merger

Saudi Arabia’s Capital Market Authority (CMA) has approved Aljazira Takaful Taawuni’s (ATT) request to raise its capital to SAR 470.66 million from SAR 350 million through the issuance of 12.07 million ordinary shares to merge with Solidarity Saudi Takaful (Solidarity).

According to a CMA statement issued on the 23rd of December 2020, the merger and transfer of all of Solidarity’s assets and liabilities to ATT will be carried out through a securities exchange offer. The CMA resolution also includes the approval of the proposed offer timetable and approval of the publication of the offer document by ATT to Solidarity shareholders for the impending merger.

The statement added that following the approval of the capital increase by ATT shareholders and...