Solidarity
Solidarity Saudi Takaful Co.’s shareholders approved the offer submitted by Aljazira Takaful Taawuni Co. for the purpose of merger in accordance with the provisions of Articles (190) to (193) of the Companies Law, during the ordinary general meeting (OGM) held on Jan. 26, 2021.
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.
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Key Terms of Merger Deal |
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Aljazira Takaful capital |
SAR 350 mln (35 mln shares) |
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Solidarity capital |
SAR 250 mln (25 mln shares) |
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Number of shares to be issued by Aljazira Takaful |
12.07 mln |
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Swap ratio |
0.483 share of Aljazira Takaful for every 1 share of Solidarity |
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Aljazira Takaful’s new capital |
SAR 470.66 (47.07 mln shares) |
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Aljazira Takaful stake after merger |
74.36% |
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Solidarity stake after merger |
25.64% |
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.
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