Logo of Solidarity and Aljazira Takaful

The Securities Depository Center Co. (Edaa) implemented today, March 2, 2021, securities quantity increase for Aljazira Takaful Taawuni Co., resulting from the merger with Solidarity Saudi Takaful Co., through securities exchange on the center’s accounts of eligible securities’ holders registered in Solidarity.

 

According to the data with Argaam, the merger will be done through the issuance of new shares in Aljazira Takaful in favor of Solidarity, and all of Solidarity’s assets and liabilities will transfer to Aljazira Takaful.

 

In January 2020, Aljazira Takaful’s shareholders approved the merger with Solidarity, through issuing new shares, according to the following conditions:

 

Key terms of Merger Deal

Aljazira Takaful capital

SAR 350 mln (35 mln shares)

Solidarity capital

SAR 250 mln (25 mln shares)

Number of shares to be issued by
Aljazira Takaful

12.07 mln

Swap ratio

0.483 share of Aljazira Takaful for every 1 share of Solidarity

Aljazira Takaful’s new capital

SAR 470.66 (47.07 mln shares)

Aljazira Takaful stake after merger

74.36%

Solidarity stake after merger

25.64%

 

Details of Capital Increase

Aljazira Takaful current capital

SAR 350 mln

Number of current shares

35 mln

Percentage of increase

34.48%

Capital after increase

SAR 470.66 mln

Shares after increase

47.07 mln

Method

12.07 mln new shares issued in favor of Solidarity

Date of increase

When merger takes effect

 

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