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Argaam Tools ×
Walaa Insurance, MetLife AIG ANB ink a binding merger deal
On June 29, 2019, Walaa Cooperative Insurance Co. (Walaa Insurance) inked a binding merger agreement with MetLife AIG ANB Cooperative Insurance Co. to acquire all the latter’s shares through share swap and without paying any cash payment to the shareholders of MetLife AIG ANB.
Deal Value | Method of Finance | Type | Status |
- | Capital Increase | Merger | Completed |
The First Party
Walaa Cooperative Insurance Co. - WALAA | |
Country | Saudi Arabia |
Status | Listed |
Argaam Sector | Insurance |
*Market Cap (Million SAR) | 2,679.08 |
*Price/Share (SAR) | 31.50 |
The Second Party
MetLife AIG ANB Cooperative Insurance Company. - MetLife AIG Alarabi | |
Country | Saudi Arabia |
Status | Unlisted |
Argaam Sector | Insurance |
*Market Cap (Million SAR) | 257.40 |
*Price/Share (SAR) | 14.30 |
- *Based on the latest data available
Consultants
Deal Advisor | AlJazira Capital , Saudi Kuwaiti Finance House |
Legal Advisor | - |
Important Dates
Announced Date | 18-06-2019 |
Expected date for Completion | - |
Attachments
-
|
Main Details
Should the two insurers initiate the merger deal, it will be via share swap, where Walaa Insurance will issue new shares to MetLife AIG ANB Cooperative Insurance Company shareholders in exchange for all issued shares of the latter.
Walaa Insurance will increase its capital through issuing new ordinary shares to all shareholders in MetLife AIG ANB.
Should the merger get both the regulatory and the extraordinary general assemblies’ approvals, Walaa Insurance will issue 11,839,706 new ordinary shares at nominal value of SAR 10 per share in exchange for all issued shares of MetLife AIG ANB at a total nominal value of SAR 118,397,060 (0.657761444444444 Walaa share for every MetLife AG ANB outstanding share).
To issue the new shares, Walaa Insurance will increase its capital from SAR 528,000,000 to SAR 646,397,060. Accordingly, shares will increase from 25,800,000 to 64,639,706 ordinary shares. MetLife AIG ANB’s shareholders will receive new shares in Walaa, the equivalent of 18.32 percent of capital, while Walaa shareholders’ equity will drop to 81.68 percent from 100 percent.
Note
* The proposed merger is subject to the completion of due diligence to the parties’ satisfaction, and their approval on the final terms and conditions, as well as obtaining all the regulatory and general assembly approvals.
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