Walaa Insurance, MetLife get SAMA approval on potential merger

Walaa Cooperative Insurance Co. and MetLife AIG ANB Cooperative Insurance Co. received a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) on their potential merger, both insurers said in two separate bourse filings.

Both insurers said they will proceed with finalizing the other regulatory approvals, adding that the planned merger deal is still subject to the approval of the extraordinary general meeting (EGM).

Walaa will submit the official bid to MetLife ANB shareholders. Both companies will invite shareholders to vote on the deal.

Both insurers will disclose any updates later on, the statements added.

Yesterday, both companies received the approval of the Saudi General Authority for Competition (GAC) regarding their merger request.

In June, Walaa inked a non-binding memorandum of understanding (MoU) with MetLife AIG to evaluate a potential merger between both companies, Argaam reported.

Under the merger plan, Walaa will acquire all stakes held by MetLife AIG ANB’s shareholders through a share swap, according to the statement.

Further substantial developments will be announced in due course.