Tadawul suspends trading on Solidarity ahead of delisting

A branch of Solidarity

The Saudi Stock Exchange (Tadawul) suspended trading on shares of Solidarity Saudi Takaful Co. (Solidarity), starting today, Feb. 28, 2021, to commence delisting procedures for its shares.

According to a bourse statement, the Securities Depository Center (Edaa) will announce the implementation of the increase in the quantity of Aljazira Takaful Taawuni Co. shares and the deposit of the new shares in the center’s accounts of all eligible Solidarity shareholders after two business days from the effective date of the merger and up to six business days as per The Exchange and Center Procedures.

According to data compiled by Argaam, the creditor objection period for the merger between Solidarity and Aljazira Takaful ended Feb. 26, 2021, without any outstanding objections from Solidarity’s creditors.

The merger between the two insurers has become effective, as Solidarity has expired and all its assets and liabilities have transferred to Aljazira Takaful, which will continue to exist.