Walaa Insurance announces more details on merger with MetLife

Walaa Cooperative Insurance Co. (Walaa Insurance) announced the publication of the shareholders circular, the offer document, and the transaction timetable regarding its potential merger with MetLife AIG ANB Cooperative Insurance Company (MetLife AIG ANB), according to a bourse statement on Thursday.

First, the company prepared and issued the shareholders circular, addressing its shareholders, in accordance with the requirements of Article (58) of the rules on the offer of securities and continuing obligations in relation to the increase in the share capital of Walaa with respect to the merger of MetLife.

The shareholders circular contains more details regarding the merger, its terms and conditions and other related matters, including the procedures required to effect the merger and the risks related to the merger.

The circular could be obtained via the websites of the Capital Market Authority (CMA), Walaa Insurance Company or its financial advisor (Aljazira Capital), the statement said.

Second, the insurer prepared and issued an offer document to MetLife shareholders, in accordance with the requirements in Article 38 of the merger and acquisition regulations issued by the CMA.

Third, Walaa Insurance published the transaction timeline, setting the proposed dates for the main events for the implementation of the awaited merger.

The timeline is prepared in accordance with the requirements of Article 17(c) of the merger and acquisitions regulations.

In December 2019, both insurers received a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) on their potential merger.

They will proceed with finalizing the other regulatory approvals, adding that the planned merger deal is still subject to the approval of the extraordinary general meeting (EGM).