The merger will be done through the issuance of 12.07 million new shares in Aljazira Takaful in favor of Solidarity, and its termination in accordance with the relevant statutory requirements and the terms and conditions of the merger agreement, the insurer said in a statement today, Jan. 27, 2021.
Key Terms of MergerDeal
Aljazira Takaful capital
SAR 350mln (35 mln shares)
SAR 250 mln (25 mln shares)
Number of shares to be issued by Aljazira Takaful
0.483 share of Aljazira Takaful for every 1 share of Solidarity
Aljazira Takaful’s new capital
SAR 470.66 (47.07 mln shares)
Aljazira Takaful stake after merger
Solidarity stake after merger
The general assembly approved the authorization of 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.
In addition, it gave nod to the payment of SAR 900,000, or SAR 100,000 for each member, as the remuneration of the chairperson and members of the board of directors for the financial year 2020.