Saudi Central Bank Approves Merger Transaction between Walaa Insurance and SABB Takaful Companies

SABB Takaful Company hereby announced on Monday receiving Saudi Central Bank (SAMA)’s approval regarding the Merger Transaction on 31/07/2022 and other ancillary matters, noting that the completion of the Merger Transaction remains subject to other conditions including obtaining the remaining regulatory approvals and the affirmative votes of the extraordinary general assemblies of both SABB Takaful Company and Walaa Cooperative Insurance Company on the Merger Transaction.

This comes with reference to SABB Takaful Company’s announcement dated 27/02/2022 regarding the execution of a binding merger agreement with Walaa Cooperative Co. (“Walaa”), whereby the parties agreed to take all the steps required by law to complete the merger transaction (the “Merger Transaction”), in accordance with applicable laws, in particular, the Companies Law, the regulations of the Capital Market Authority (“CMA”), including the Merger and Acquisition Regulations and the Rules on the Offer of Securities and Continuing Obligations, the Listing Rules issued by the Saudi Stock Exchange (“Tadawul”), as well as the relevant regulations of the Saudi Central Bank (“SAMA”), and whereas the previous announcement refers to several conditions and approvals required to consummate the Merger Transaction, including the issuance of the non-objection from the General Authority for Competition and the approval from SAMA and other competent authorities.