Aljazira Takaful shareholders approve merger with Solidarity via capital hike

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Aljazira Takaful Taawuni Co.’ shareholders approved the merger with Solidarity Saudi Takaful Co. through capital increase at the extraordinary general meeting (EGM) held on Jan. 26, 2021.

The merger will be through the issuance of 0.483 shares in Aljazira Takaful for every share in Solidarity Saudi Takaful, the insurer said in a statement to Tadawul today, Jan. 27, 2021.

Shareholders approved increasing Aljazira Takaful's capital from SAR 350 million to SAR 470.66 million, under the terms and conditions of the merger agreement

In addition, shareholders approved the following items:

- Provisions of the merger agreement concluded on Aug. 23, 2020   

-Amendments of articles of Aljazira Takaful's bylaws relating to the merger, provided these amendments shall be effective upon the merger's effectiveness

-Authorizing board of directors of Aljazira Takaful, or any person authorized by the board of directors, to issue any decision or take any action that may be necessary to implement any of the aforementioned decisions

On Dec. 28, 2020, Aljazira Takaful issued a circular, offer document and timetable of its capital hike to complete the merger with Solidarity.

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