Tadawul delists SABB Takaful upon merger with Walaa Insurance

Logo of SABB Takaful Co.

The Saudi Exchange (Tadawul) announced that shares of SABB Takaful Co. were delisted by the close of trading on Oct. 20.

In a separate statement, Walaa Cooperative Insurance Co. announced that the compensation shares related to its merger with SABB Takaful were deposited into the accounts of eligible shareholders, adding that the merger procedures were completed.

The Securities Depository Center Co. (Edaa) implemented today, Oct. 23, the securities quantity increase for Walaa Insurance, which resulted from the merger transaction, through a securities exchange on eligible shareholders' accounts.

On Oct. 19, both insurance companies announced that the merger transaction became effective and all assets and liabilities of SABB Takaful were transferred to Walaa Insurance, according to data available with Argaam. 

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