Logo of Solidarity and Aljazira Takaful
The Securities Depository Center Co. (Edaa) implemented today, March 2, 2021, securities quantity increase for Aljazira Takaful Taawuni Co., resulting from the merger with Solidarity Saudi Takaful Co., through securities exchange on the center’s accounts of eligible securities’ holders registered in Solidarity.
According to the data with Argaam, the merger will be done through the issuance of new shares in Aljazira Takaful in favor of Solidarity, and all of Solidarity’s assets and liabilities will transfer to Aljazira Takaful.
In January 2020, Aljazira Takaful’s shareholders approved the merger with Solidarity, through issuing new shares, according to the following conditions:
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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 |
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 |
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Aljazira Takaful stake after merger |
74.36% |
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Solidarity stake after merger |
25.64% |
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Details of Capital Increase |
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Aljazira Takaful current capital |
SAR 350 mln |
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Number of current shares |
35 mln |
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Percentage of increase |
34.48% |
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Capital after increase |
SAR 470.66 mln |
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Shares after increase |
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Method |
12.07 mln new shares issued in favor of Solidarity |
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Date of increase |
When merger takes effect |
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