Creditor objection period on Metlife-Walaa merger to end on Feb. 27

MetLife AIG ANB Cooperative Insurance Co. said on Monday that the creditor objection period for the merger with Walaa Cooperative Insurance Co. will end on Feb. 27, 2020.

According to the Companies Law, the merger will take effect upon the expiry of the creditor objection period, in the absence of any existing objections from Metlife AIG ANB creditors, the insurer said in a bourse filing.

The creditor objection period began on Jan. 28.

Last month, shareholders of MetLife AIG ANB approved the proposed merger offer submitted by Walaa.

Under the merger deal, 11.84 million new shares in Walaa will be issued in return for 100% of MetLife AIG ANB shares, following which the latter will be liquidated.

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