Tadawul suspends trading on MetLife AIG ANB ahead of delisting

The Saudi Stock Exchange (Tadawul) suspended trading of MetLife AIG ANB Cooperative Insurance Company’s shares starting today, March 1, ahead of stock delisting procedures.

The decision came after Walaa Cooperative Insurance Co.’s shareholders approved 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.

Tadawul will commence delisting procedures of the company’s shares after the merger with Walaa Cooperative Insurance Co., the bourse said in a statement.

The Securities Depository Center (Edaa) will announce the implementation of the securities quantity increase for Walaa Cooperative Insurance Co.’s shares.

The statement further noted that the new shares will be deposited on the center accounts of the eligible shareholders of MetLife AIG ANB Cooperative Insurance Co. after two working days from the effective date of the merger and until 6 working days.