Creditor objection period on Solidarity-Aljazira Takaful merger to end Feb. 26

Logo of Solidarity

Solidarity Saudi Takaful Co. (Solidarity) said that creditor objection period for the merger with Aljazira Takaful Taawuni Co. will end on Feb. 26, 2021, according to a bourse statement.

According to the Companies Law, the merger will take effect upon the expiry of the creditor objection period, assuming there are no unresolved creditor objections.

Accordingly, any creditor of Solidarity has the right to object to the merger deal by sending a registered letter to the company's headquarters.

Aljazira Takaful shareholders approved the merger with Solidarity Saudi Takaful Co. through capital increase at the extraordinary general meeting (EGM) held on Jan. 26, 2021, Argaam reported.

Also, Solidarity’s shareholders approved the offer submitted by Aljazira Takaful for the purpose of merger in accordance with the provisions of Articles (190) to (193) of the Companies Law, during the ordinary general meeting (OGM) held on Jan. 26, 2021.

The merger will be done through the issuance of 12.07 million new shares in Aljazira Takaful in favor of Solidarity.