Walaa Cooperative Insurance Co.’s shareholders approved, during the extraordinary general assembly held on Jan. 27, the merger with Metlife AIG ANB in accordance with the provisions of Articles 191, 192 and 193, by issuing 0.658 shares in Walaa for each share in MetLife.

 

The insurer said in a bourse statement that shareholders also approved a capital increase to SAR 646.4 million from SAR 528 million, in accordance to the terms and conditions of the merger.

 

The merger will become effective after meeting all terms and conditions, including the creditor objection period in accordance with the agreement and Article 193 of the Companies Law.

 

Key Figures of the Capital Increase

Current capital

SAR 528 mln

Current number of shares

52.8 mln

Capital hike percentage

22.42%

New capital

SAR 646.40 mln

New number of shares

64.64 mln

Method for increase

Issuance of new shares to merge with MetLife AIG ANB

Swap ratio

0.658 new share for every share in MetLife

Shares issued

11.84 mln

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