SABB Takaful says creditor objection period for merger with Walaa to end on Oct. 18

Logos of Walaa Insurance and SABB Takaful

SABB Takaful Co. said the creditor objection period to the merger deal with Walaa Cooperative Insurance Co. will expire on Oct. 18, the company said in a statement to Tadawul.

Under the Companies Law, the merger decision will take effect immediately when the creditor objection period expires, if SABB Takaful creditors show no objection to the planned merger.

In September, shareholders of Walaa and SABB Takaful approved the proposed merger by issuing 0.6 share in Walaa for every one share in SABB Takaful, Argaam earlier reported.

The creditor objection period started on Sept. 18.

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