Riyadh – Al Jazira Takaful Taawuni Company has appointed FALCOM Financial Services as a financial adviser instead of Al Jazira Capital.
The new adviser will manage the potential merger with Solidarity Saudi Takaful Company, according to Al Jazira Takaful’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.
In June, Al Jazira Takaful and Solidarity Saudi Takaful Company signed a non-binding memorandum of understanding (MoU) for a potential merger between the two companies.
Both companies will conduct technical, financial, legal, and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger.
The merger will be implemented via a share swap where Aljazira Takaful will issue new shares to Solidarity Saudi Takaful Company shareholders in exchange for all issued shares of Solidarity Saudi Takaful Company.
The proposed merger is subject to the completion of due diligence to the parties’ satisfaction, agreement on final terms and conditions of the merger agreement, and the approval of the competent authorities, and the general assemblies of Solidarity Saudi Takaful Company and Aljazira Takaful Company.
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