Creditors ’objection period on merger between SABB Takaful, Walaa Insurance expires soon

Reference to SABB Takaful Company (“SABB Takaful”) announcement on the Saudi Stock Exchange’s (Tadawul) website on 18/09/2022 regarding the start of the creditor’s objection to the merger transaction between SABB Takaful and Walaa Cooperative Insurance Company (“Walaa”) in accordance with the provisions of Article (193) of the Companies Law, SABB Takaful said that the creditors ’objection period will expire at the end of 18/10/2022.
Under the Companies Law, the merger decision will take effect immediately after the creditors’ objection period has elapsed, in the absence of any existing objection from SABB Takaful creditors to the merger transaction.
For more details about the merger transaction, shareholders should refer to the Offer Document issued by Walaa and the Board Circular of SABB Takaful issued by the Board of Directors of SABB Takaful.