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The resolution to merge Saudi-based Walaa Insurance Company and SABB Takaful Company is now effective with all assets and liabilities of SABB Takaful to be transferred to Walaa.
In a statement to the Saudi Stock Market Tadawul, Walaa said it will issue 20.4 million ordinary shares to SABB Takaful shareholders and that paid-up capital of Walaa will increase from SAR 646 million to SAR 850.6 million.
This represents an increase in the number of shares in Walaa to 85 million from 64.6 million, the company said.
Islamic insurer SABB Takaful Co, which was founded in 2006 with founding shareholders including the Saudi British Bank (SABB) and HSBC Asia Holdings, announced yesterday that its CEO Hussam Abdulrahman Alkhayal had resigned, effective yesterday, due to personal reasons.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
