Walaa Insurance GA approves merger with SABB Takaful & capital increase to SR850.6 mln

Walaa Cooperative Insurance Company (“Walaa”) announced on Sunday the results of its extraordinary general meeting which includes the approval of the capital increase of Walaa from (SR646,397,060) to (SR850,583,250) in (Second meeting) which was held on Thursday 15/09/2022.
The Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
1. The Approval of the merging of SABB Takaful Company into Walaa in accordance with the provisions of Articles (191), (192) and (193) of the Companies Law. by issuing (0.6005476176470590) new shares in Walaa against each share in SABB Takaful Company (“SABB Takaful”) (“Merger Transaction”), in accordance with the terms and conditions of the merger agreement signed between both companies on 24/02/2022 (“Merger Agreement”), including voting on the following matters related to the Merger Transaction:
a. The Approval of the terms of the Merger Agreement.
b. The Approval of the capital increase of Walaa from six hundred and forty-six million, three hundred and ninety-seven thousand and sixty Saudi Riyals (SR646,397,060) to eight hundred and fifty million, five hundred and eighty-three thousand, two hundred and fifty Saudi Riyals (SR850,583,250), in accordance with the terms and conditions of the Merger Agreement.
c. The Approval of amending Article 8 “Share Capital” in Walaa’s Bylaws. The amendment shall take place upon the effectiveness of the Merger Transaction.
d. The Approval of the authorization of Walaa’s board of directors, or any person authorized by the board of directors, to adopt any resolution or take any action as may be necessary to implement any of the above resolutions.
2. The Approval on amending the name “Saudi Arabian Monetary Authority” to “Saudi Central Bank” in Walaa’s Bylaws.