Al-Jazirah Takaful Company received a letter from the Central Bank of Saudi Arabia, approving the merger with Solidarity Saudi Takaful Company.
According to Arabiya Net, the company said in a statement that both Al-Jazeera Takaful and Solidarity Saudi Takaful Company will continue to work to obtain other necessary regulatory approvals.
and clarified that the completion of the merger transaction is conditional upon obtaining all other necessary legal approvals and the approval of the extraordinary general assembly of Al-Jazira Takaful Cooperative Company for the merger deal and also obtaining the approval of the extraordinary general assembly For Solidarity Saudi Takaful Company for the merger deal.
and after obtaining the other necessary regulatory approvals, Solidarity Saudi Takaful Company will issue and publish a Board Circular, which will be directed to the shareholders of Solidarity Saudi Takaful Company, which will mainly include the opinion of the Board of Directors Solidarity Saudi Takaful Company regarding the submitted offer and the merger deal.
and Al-Jazeera Takaful Company will issue and publish the offer document, which will be directed to the shareholders of Solidarity Saudi Takaful Company, which will include the official offer submitted by Al-Jazira Takaful Company to the shareholders of Solidarity Saudi Takaful Company. After that, both companies will call the extraordinary general assembly to vote on the merger deal.
and Al-Jazirah Takaful proposed, according to the agreement, the purchase of all the capital shares issued by Solidarity Takaful Company by offering a securities exchange without paying any cash consideration.
and earlier, Solidarity Saudi Arabia said 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 match the offer document with the terms of the deal
