The Saudi Tadawul canceled the listing of Al-Ahly Takaful Company’s shares in the market at the end of last Thursday’s business 06/10/1443 AH corresponding to 01/13/2022 CE.
According to Arabiya Net, Tadawul announced last Wednesday the suspension of trading the shares of Al-Ahly Takaful Company in the market to start the procedures for canceling the listing of the company’s shares from the market, after the entry into force of the merger of Al-Ahly Takaful Company with the Arab Shield Cooperative Insurance Company.
She said that the Securities Depository Center Company, Edaa, will announce the application of the increase in the amount of securities of the Arab Shield Cooperative Insurance Company on the center's accounts for eligible Al Ahli Takaful Company shareholders after two working days from the date of the merger decision taking effect, with a maximum of 6 working days according to market and center procedures.
In a separate statement, Al-Ahly Takaful Company announced the end of the creditors’ objection period at the end of January 11, 2022, and that Al Ahli Takaful Company did not receive any objections from Al Ahly Takaful Company’s creditors during that period.
Thus, it announced the enforcement of the merger decision between Al-Ahly Takaful Company and the Arab Shield Cooperative Insurance Company. The termination of Al-Ahly Takaful Company and the transfer of all its rights and obligations to the Arab Shield Cooperative Insurance Company, which will continue to exist.
She explained that as a result of the merger deal, all shares of Al-Ahly Takaful Company will be cancelled, and the Arab Shield Cooperative Insurance Company, through increasing its capital, will issue about 23.85 million ordinary shares, with a nominal value of 10 riyals per share for the benefit of the shareholders of Al-Ahly Takaful Company who are registered in the register of shareholders of Al-Ahly Takaful Company. The Securities Depository Center Company has a deposit at the end of the trading period on Sunday, January 16, 2022.
