Edaa credits Walaa’s new shares to MetLife AIG ANB shareholders’ accounts

The Securities Depository Center Co. (Edaa) credited today, March 3 the new shares issued by Walaa Cooperative Insurance Co. into the accounts of MetLife AIG ANB’s eligible shareholders. 

The new shares were issued on Walaa’s merger with Metlife AIG ANB, Edaa said in a bourse filing.

In January this year, shareholders of MetLife AIG ANB approved the proposed merger offer submitted by Walaa.

Under the merger deal, Walaa will increase its capital and 11.84 million new shares, with a par value of SAR 10 per share, will be issued in return for 100% of MetLife AIG ANB shares, following which the latter will be liquidated.