RIYADH: Walaa Cooperative Insurance Co. has completed its merger deal with SABB Takaful Co. after listing the consideration shares to SABB Takaful entitled shareholders, according to a bourse filing.
The merger was conducted through a share swap, where Walaa issued 0.6 shares against each share issued by SABB Takaful.
SABB Takaful shareholders listed at the Securities Depository Center Co. received 20.41 million ordinary shares from Walaa with a nominal value of SR10 ($3) each on Oct. 23, 2022.
Last week, SABB Takaful Co. was suspended from trading on the Saudi Stock Exchange in preparation to begin delisting procedures as a result of the merger.