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Aljazira Takaful Taawuni Co.’ shareholders approved the merger with Solidarity Saudi Takaful Co. through capital increase at the extraordinary general meeting (EGM) held on Jan. 26, 2021.
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Key Terms of Merger Deal |
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Aljazira Takaful capital |
SAR 350 mln (35 mln shares) |
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Solidarity capital |
SAR 250 mln (25 mln shares) |
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Number of shares to be issued by Aljazira Takaful |
12.07 mln |
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Swap ratio |
0.483 share of Aljazira Takaful for every 1 share of Solidarity |
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Aljazira Takaful’s new capital |
SAR 470.66 (47.07 mln shares) |
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Aljazira Takaful stake after merger |
74.36% |
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Solidarity stake after merger |
25.64% |
The merger will be through the issuance of 0.483 shares in Aljazira Takaful for every share in Solidarity Saudi Takaful, the insurer said in a statement to Tadawul today, Jan. 27, 2021.
Shareholders approved increasing Aljazira Takaful's capital from SAR 350 million to SAR 470.66 million, under the terms and conditions of the merger agreement
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Key Figures of the Capital Increase |
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Current Capital |
SAR 350 mln |
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Number of shares |
35 mln |
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Capital increase percentage |
34.48% of issued capital |
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New Capital |
SAR 470.66 mln |
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New number of shares |
47.07 mln |
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Method of capital hike |
Issue of 12.07 mln shares to Solidarity |
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Record date |
Once the resolution of merger is effective |
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Eligibility |
Shareholders registered in the shareholders’ register of Solidarity at the end of the second trading period following the effective date
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In addition, shareholders approved the following items:
- Provisions of the merger agreement concluded on Aug. 23, 2020
-Amendments of articles of Aljazira Takaful's bylaws relating to the merger, provided these amendments shall be effective upon the merger's effectiveness
-Authorizing board of directors of Aljazira Takaful, or any person authorized by the board of directors, to issue any decision or take any action that may be necessary to implement any of the aforementioned decisions
On Dec. 28, 2020, Aljazira Takaful issued a circular, offer document and timetable of its capital hike to complete the merger with Solidarity.
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