Saudi (Al-Jazirah Takaful) and (Solidarity) signed a binding merger agreement, which includes the terms agreed upon by the two parties regarding the merger between them.

According to Arabiya Net, the two companies clarified, in two statements to the Saudi Stock Exchange, that Al-Jazira Takaful had proposed under the agreement, the purchase of all the shares of the capital issued by Solidarity Takaful. By offering to exchange securities and without paying any monetary exchange.

and indicated that the merger proposal was submitted in accordance with the companies' law, the regulations of the Saudi Capital Market Authority, and the Saudi Arabian Monetary Agency SAMA regulations.

Solidarity Saudi Arabia indicated that when the merger transaction is completed; Its assets and liabilities will be transferred to Al-Jazira Takaful Company, and in the event that the terms of the merger agreement and the offer document meet the terms of the deal, Solidarity's Board of Directors will recommend that the company's shareholders vote in favor of approving the deal.

and she said that based on the merger agreement - and in the event that the merger deal is approved by all government agencies and the extraordinary general assembly of both companies, and after the creditors' objection period has expired, Al-Jazira Takaful Company will issue 12.07 million new ordinary shares with a nominal value of 10 riyals per share, in exchange for the purchase of all the issued shares in Solidarity Takaful, one share in Al-Jazira Takaful Company for every 2.07 shares in Solidarity Takaful Company.

and continued: Upon the completion of the merger deal, the percentage of shareholders of Solidarity Saudi Takaful Company in the capital of Al-Jazira Takaful Cooperative Company after the increase will be 25.64%, while the shareholders will own The current Al-Jazira Takaful Cooperative Company represents 74.36% of the capital of the Al-Jazira Takaful Cooperative Company after the merger.

And both Solidarity Saudi Takaful Company and Al-Jazirah Takaful Cooperative Company announced last January that they had signed an amended, non-binding memorandum of understanding to enter into discussions regarding the details of the terms. And provisions for the merger process.

(Amazon fun knowledge)