Walaa, MetLife AIG ANB seek Saudi regulatory approval on economic concentration

Walaa Cooperative Insurance Co. and MetLife AIG ANB Cooperative Insurance Co. filed a request to the Saudi General Authority for Competition (GAC) to approve the economic concentration arising from the planned merger of both entities.

The economic concentration process will occur as Walaa will acquire all stakes held by MetLife AIG ANB’s shareholders through share swap. Walaa will increase its capital through issuing new ordinary shares to all shareholders in MetLife AIG ANB.

As per the regulations, the competition authority invited concerned stakeholders and businesses to cast their opinion on the matter within 15 days.

 
In September, Walaa signed a binding merger agreement with MetLife AIG ANB to acquire all stakes held by the latter’s shareholders through share swap and without paying any cash payment to the shareholders of MetLife AIG ANB, Argaam reported.