Solidarity issues board circular for proposed merger with Aljazira Takaful

With reference to the Capital Market Authority's approval of Aljazira Takaful Taawuni Co.’s request to increase its capital to merge Solidarity Saudi Takaful Co. into Aljazira Takaful through a share swap on Dec. 23, Solidarity issued its board circular, which contains the views of its board about Aljazira Takaful’s offer.

It also includes the independent advice provided by Saudi Kuwaiti Finance House (SKFH), the financial advisor to Solidarity in the merger.

Solidarity’s board confirms the importance of reading the Offer Document and the Board Circular carefully before making any decision regarding the merger.

Copies of the Board Circular can be obtained from Solidarity’s website at www.solidaritytakaful.com or Tadawul website at www.tadawul.com.sa. Copies of the Offer document can be obtained from Aljazira Takaful’s website (www.ajt.com.sa) or CMA website (www.cma.com.sa) or Tadawul website (www.tadawul.com.sa).

Solidarity will make certain documents relating to the merger available for inspection starting from today, Dec. 28 at its headquarters during the normal business hours until the expiry of the offer period (as defined in the board circular)