MetLife AIG ANB Cooperative Insurance Co. said creditors objecting the merger with Walaa Cooperative Insurance Co. can send their objection letters as of today Jan. 28 throughout Feb. 27, according to a bourse statement.

 

In case of no-objection, the merger deal will be effective following this period, the statement added.

 

Shareholders of MetLife AIG ANB approved today the proposed merger offer submitted by Walaa. 

 

Under the merger deal, 11.84 million new shares in Walaa will be issued in return for 100% of MetLife AIG ANB shares, and thus the latter will be liquidated.

 

In December 2019, both insurers received a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) on their potential merger.

Comments

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.
Call Request

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website