MetLife says creditor objection period for merger with Walaa ends successfully

Metlife AIG ANB Cooperative Insurance Co. said today that the creditor objection period for the merger with Walaa Cooperative Insurance Co. ended on Feb. 27, with no objections from the firm’s creditors.

According to the Companies Law, the merger will take effect upon the expiry of the creditor objection period, in the absence of any existing objections from Metlife AIG ANB creditors, the insurer said in a bourse filing.

The creditor objection period began on Jan. 28, the company said in a statement to Tadawul.

Under the merger deal, Walaa will increase its capital and 11.84 million new shares, with a par value of SAR 10 per share, will be issued in return for 100% of MetLife AIG ANB shares, following which the latter will be liquidated.

In January this year, shareholders of MetLife AIG ANB approved the proposed merger offer submitted by Walaa, Argaam reported.