Walaa Insurance, SABB Takaful extend MoU to finalize due diligence on potential merger

09/01/2022 Argaam

Logos of Walaa Insurance and SABB Takaful


SABB Takaful Co. and Walaa Cooperative Insurance Co. (Walaa Insurance) extended the memorandum of understanding (MoU) on the potential merger to finalize the due diligence process.

 

The MoU was extended for 45 days until Feb. 24, 2022, both insurers said in two separate bourse filings.

 

The other MoU provisions will remain intact, the statements added.

 

Both insurers signed a non-binding MoU on July 14, 2021, to evaluate a potential merger between the two companies, Argaam reported. The MoU was supposed to expire either on the signing of the merger agreement or after a period of 180 days, whichever was earlier.

For More Mergers and Acquisitions 

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.