CMA approves Walaa Cooperative’s capital hike request

The Capital Market Authority (CMA) approved Walaa Cooperative Insurance Co.’s request to increase its capital from SAR 528 million to SAR 646.4 million by issuing 11.8 million ordinary shares for the purpose of merging MetLife AIG ANB Cooperative Insurance Co. and Walaa Cooperative Insurance Co., according to a CMA statement.

Additionally, all MetLife AIG ANB Cooperative Insurance Co.’s assets and liabilities will be transferred to Walaa Cooperative Insurance Co. through a securities exchange offer.

In case the capital increase request was approved, and in case shareholders of MetLife AIG ANB Cooperative Insurance Co. accepted the offer in their extraordinary general assembly, new shares will be issued to MetLife AIG ANB Cooperative Insurance Co. shareholders of record.

Also, shares of MetLife AIG ANB Cooperative Insurance Co. will be delisted from the Saudi Stock Exchange after the merger decision becomes effective.