Logos of Walaa Insurance and SABB Takaful

Walaa Cooperative Insurance Co. and SABB Takaful Co. announced obtaining the Saudi Central Bank’s (SAMA) approval on their prospective merger transaction and other related matters.

The merger transaction completion remains subject to other conditions, including obtaining the remaining regulatory approvals and the affirmative votes of the extraordinary general assemblies of both insurers on the merger, the two companies noted in separate bourse statements.

In February, Walaa Insurance signed a binding merger agreement with SABB Takaful, reflecting the agreement of both companies to merge through a share swap transaction. Walaa will issue 0.6 nominal shares against each issued share in SABB Takaful for the benefit of eligible shareholders, Argaam reported earlier.

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