Saudi Arabia’s General Authority for Competition (GAC) approved today, Sept. 2 the merger between Aljazira Takaful Taawuni Company and Solidarity Saudi Takaful Co.

 

The two insurance companies have recently signed a binding merger agreement, Argaam reported.

 

Merger Details

Merger method

Aljazira Takaful, (the surviving corporation), will assume the integrated net assets and liabilities, of Solidarity, (the merged entity). The shares of the latter will be delisted from Tadawul when the merger agreement is finalized.

Merger value

Aljazira will issue 12.07 million new shares to Solidarity in exchange for all of its issued shares

Share par value

SAR 10 a share

Swap ratio

A 0.483 share in Aljazira Takaful for  1 share in Solidarity; or 1 share in Aljazira Takaful for 2.07 shares in Solidarity

The new entity's capital

The new entity will be capitalized at SAR 470.66 million (Aljazira Takaful is currently capitalized at SAR 350 million).

The new entity's number of shares

47.07 million shares (Aljazira Takaful has currently 35 million shares).

Ownership of Solidarity's shareholders upon the merger completion

25.64%

Ownership of Aljazira Takaful's shareholders upon the merger completion

74.36%

 

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