Tadawul delists Metlife AIG ANB shares upon potential merger

The Saudi Stock Exchange (Tadawul) announced the delisting of Metlife AIG ANB Cooperative Insurance Co.’s shares as of March 2, 2020, the insurer said in a bourse filing.

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

Therefore, the merger of both entities came into effect upon the expiry of the creditor objection period. 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.

Walaa announced that the new issued shares will be listed on Tadawul and credited to the accounts of MetLife AIG ANB’s eligible shareholders to finalize the merger deal.

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