One of the branches of Solidarity
Solidarity Saudi Takaful Co.’s shareholders will vote on the merger offer by Aljazira Takaful Taawuni Co., in accordance with the provisions of the articles from 190 to 193 of the Companies Law, at the extraordinary general assembly meeting, which will be held on Jan. 26, 2021.
The merger, which concluded on August 23, 2020, will be through issue of 12.07 million new shares in Aljazira Takaful against the full capital share of Solidarity, following which the latter will be terminated, the firm said in a statement to Tadawul.
The shareholders will also vote on the provisions of the merger agreement, and authorizing the board of directors, or any person authorized by the board, to issue any decision or take any measures necessary for implementing any of the decisions mentioned above.
Meanwhile, the meeting agenda also includes voting on the payment of SAR 900,000 as remuneration to the chairman and board members for the fiscal year 2020, with each member receiving SAR 100,000.
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Merger Details |
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Aljazira Takaful’s Capital |
SAR 350 mln (35 mln shares) |
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Solidarity’s Capital |
SAR 250 mln (25 mln shares) |
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New shares to be issued by Aljazira Takaful |
12.07 mln |
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Swap ratio |
0.483 share in Aljazira Takaful for 1 share in Solidarity |
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Aljazira Takaful’s New Capital |
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Aljazira Takaful’s share after merger |
74.36% |
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Solidarity’s share after merger |
25.64% |
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