Logos of Walaa Insurance and SABB Takaful

Walaa Cooperative Insurance Co. announced publishing the shareholders' circular and the offer document for the shareholders of SABB Takaful Co., as well as the merger timeline, according to a bourse filing today, Aug. 15.

 

The Capital Market Authority approved, on Aug. 10, the request from Walaa Insurance to increase its capital from SAR 646.39 million to SAR 850.58 million by issuing 20.42 million ordinary shares.

 

The capital increase is to merge SABB Takaful into Walaa Insurance and transfer all of SABB Takaful's assets and liabilities to Walaa through a share swap transaction.

 

Walaa Insurance signed a binding merger agreement with SABB Takaful on Feb. 24, 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.

 

Merger Details 

Method of Merger 

By merging SABB Takaful with Walaa and transferring all SABB Takaful’s assets and liabilities to Walaa. 

Merger Value 

If the merger will be approved, Walaa will increase its share capital by issuing 20.42 new ordinary shares with a nominal value of SAR 10 per share to SABB Takaful’s entitled shareholders based on the exchange ratio. The value of Walaa’s share capital will accordingly become SAR 850.58, divided into 85.06 nominal shares. 

Nominal Value 

SAR 10 per share 

Equity Compensation 

Issuance of 0.6 shares of Walaa against one share in SABB Takaful 

Capital of Merged Entity 

SAR 850.58 mln 

Ownership of Walaa Shareholders Upon Merger Completion 

75.99% 

Ownership of SABB Takaful Shareholders Upon Merger Completion 

24.01% 

 

For More Mergers and Acquisitions

Important Dates and Milestones of Merger Transaction Offer Document

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