Tadawul suspends SABB Takaful’s shares, begins delisting procedures

Logo of SABB Takaful Co.

The Saudi Exchange (Tadawul) announced the trading suspension on SABB Takaful Co. shares today, Oct. 19, to commence delisting procedures of the company’s shares.

Furthermore, the Securities Depository Center (Edaa) will announce the implementation of the increase in the quantity of Walaa Cooperative Insurance Co.’s shares and the deposit of the new shares in the center’s accounts of all eligible SABB Takaful shareholders. This should take place two business days after the merger, with a grace period of up to six working days, as per the Tadawul and Edaa procedures.

Earlier, the two insurers said the merger came into effect, indicating that all assets and liabilities of SABB Takaful have been transferred to Walaa Insurance, according to data compiled by Argaam.

SABB Takaful announced that the creditor objection period expired on Oct. 18, without any opposition.

Following this, the merger deal became effective, with all of SABB Takaful’s assets and liabilities transferred to Walaa while its shares get delisted, SABB Takaful added.