Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved Walaa Cooperative Insurance Company’s request to increase its capital to merge MetLife AIG ANB Cooperative Insurance Company into its business through a securities exchange offer.

Walaa Cooperative Insurance will raise its capital from SAR 528 million to roughly SAR 646.4 million by issuing 11.84 million shares, according to a bourse filing on Monday.

Completing the merger is subject to the approval of the extraordinary meetings by the two companies’ respective general assemblies.

Saudi Arabian Monetary Authority (SAMA) recently approved the merger between the two insurance firms.

 

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.