Saudi Tadawul halts trading MetLife shares; merger with Walaa commences

The merger is effective starting from Sunday, March 1, 2020

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Riyadh –  The Saudi Stock Exchange (Tadawul) suspended trading the shares of MetLife AIG ANB Cooperative Insurance Company on Sunday.

The decision comes as the delisting procedures of MetLife commence, after MetLife AIG ANB extraordinary general assembly (EGM) has approved the offer submitted by Walaa Cooperative Insurance Company to merge the two firms through a securities exchange offer.

The merger is effective starting from Sunday, 1 March 2020.

The Securities Depository Center (Edaa) will announce the implementation of the increase in the quantity of Walaa Cooperative Insurance Company’s shares and deposit the new shares in the Center’s Accounts of all eligible MetLife AIG ANB Cooperative Insurance Company shareholders after two business days from the effective date of the merger and up to six business days as per the exchange and centre procedures.

Walaa announced the end of the creditors' objection period by the end of 27 February 2020, and the non-receipt of any objections from MetLife creditors during that period.

Shareholders of Walaa Cooperative Insurance Company approved the merger and raising the company’s capital from SAR 528 million to SAR around 646.5 million back in January, authorizing the Board of Directors to take all the necessary actions.

Source: Mubasher

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