Walaa, MetLife AIG ANB to discuss potential merger on Jan. 27

Shareholders of Walaa Cooperative Insurance Co. and MetLife AIG ANB Cooperative Insurance Co. will discuss on Jan. 27 the proposed merger between both insurers through issuing 0.66 new share for each outstanding share in MetLife AIG ANB, both insurers said in two separate bourse statements.

Walaa shareholders will also discuss increasing capital from SAR 528 million to SAR 646.4 million as per the planned merger terms, the statement added.

MetLife AIG ANB's shareholders will also discuss issuing 11.84 million new shares in Walaa in return for 100% of MetLife AIG ANB shares, and thus the latter will be liquidated.

In December 2019, both insurers received a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) on their potential merger.