Walaa Insurance delays rights issue until merger talks with SABB Takaful

15/07/2021 Argaam

Logo of Walaa Insurance and SABB Takaful

Walaa Cooperative Insurance Co. (Walaa Insurance) decided to delay the capital increase via rights issue until the planned merger with SABB Takaful Co. is completed or the memorandum of understanding (MoU) is terminated, the company said in a bourse filing today, July 15.

 

The delay will have no impact on its financial results, the insurer said. Further announcements will be made in due course.

 

Walaa Insurance and SABB Takaful announced the signing of a non-binding MoU, on July 14, to evaluate a potential merger between the two companies, Argaam reported.

 

The companies will conduct operational, technical, financial, legal, and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger.

 

The company’s board of directors recommended, on Jan. 11, increasing capital via a SAR 775 million rights issue.

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