Walaa Insurance completes merger with MetLife AIG ANB

Shares of MetLife AIG ANB have been delisted

  
Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

Image used for illustrative purpose. Saudi traders monitor stocks at a Saudi Bank in Dammam.

REUTERS/Stringer
Riyadh – Mubasher: Walaa Cooperative Insurance Company has completed its merger with MetLife AIG ANB Cooperative Insurance Company.

The listing of the new shares, as defined in the shareholder circular and offer document, and the deposit of the same in the accounts of the eligible MetLife AIG ANB shareholders have been completed, according to a statement to the Saudi Stock Exchange (Tadawul).

Accordingly, the shares of MetLife AIG ANB have been delisted from Tadawul on Monday, after the exchange suspended trading the shares of on 1 March.

Furthermore, the Securities Depository Center Company (Edaa) announces implementing the securities quantity increase for Walaa Cooperative Insurance, which resulted from the merger with MetLife AIG ANB.

Walaa Insurance also announced that 78.73% of its creditors have approved the company’s capital restructure.

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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