Walaa expects MetLife AIG ANB shares to be delisted in 6 trading days

Walaa Insurance Co. expected MetLife AIG ANB shares to be delisted from the Saudi Stock Exchange (Tadawul) within six trading days, according to a bourse filing.

Walaa also forecasted the consideration shares to be listed and credited to the accounts of MetLife AIG ANB’s eligible shareholders within the same period.

This comes as the resolution to merge both insurers, pursuant to which all of the assets and liabilities of MetLife AIG ANB will be transferred to Walaa has come into effect.

Under the deal, Walaa will issue 11.84 million ordinary shares at a par value of SAR 10 each in the company for MetLife AIG ANB shareholders through increasing its paid-up capital from SAR 528 million to SAR 646.4 million.

Accordingly, the total number of Walaa’s fully-paid shares will be increased from 52.8 million to 64.64 million.

Walaa and MetLife AIG ANB have satisfied the merger conditions set out in the shareholder circular and the offer document issued by Walaa, the statement added.

The required procedures for the amendment of Walaa’s commercial registration certificate, SAGIA license and the cancellation of MetLife AIG ANB commercial registration certificate will be finalized within the timeframe set out in the shareholder circular and the offer document.

In case the swap ratio calculation produces fractional shares, the resulting figure will be rounded down to the nearest share.

Walaa will aggregate and sell all fractional shares, based on market price at the time, on behalf of all MetLife AIG ANB shareholders who would otherwise have been entitled to receive a fractional Walaa share’s in the market for cash.

net cash proceeds will be distributed to such MetLife AIG ANB shareholders on a pro rata basis within 30 days maximum from the merger completion date.

Any expenses incurred for the sale of fractional shares, will be paid from the proceeds of such sale, the statement concluded.