Saudi Tadawul delists Solidarity’s shares after merger with Aljazira Takaful

The step comes after Solidarity had announced the end of the creditor objection period to merge with Aljazira Takaful Taawuni Company on February 26, 2021

  
A man walks at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019. Image used for illustrative purpose.

A man walks at the Saudi Stock Exchange (Tadawul) following the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019. Image used for illustrative purpose.

REUTERS/Ahmed Yosri
Riyadh –  Shares of Solidarity Saudi Takaful Company were delisted from the Saudi Stock Exchange (Tadawul) on Monday, 1 March 2021, the Saudi bourse said in a statement on Tuesday.

The step comes after Solidarity had announced the end of the creditor objection period to merge with Aljazira Takaful Taawuni Company on 26 February 2021 and that no objection was received from the company’s creditors during that period.

Hence, Solidarity’s merger with Aljazira Takaful came into effect and all of Solidarity’s assets and liabilities were transferred to Aljazira Takaful, which will continue to exist.

In January, the extraordinary general meeting (EGM) of Aljazira Takaful approved raising the firm’s capital from SAR 350 million to SAR 470.7 million to merge with Solidarity.

Source: Mubasher

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