(MENAFN) As said in a statement by the Capital Market Authority (CMA), in order to merge MetLife AIG ANB Cooperative Insurance Co. and Walaa Cooperative Insurance Co., it approved Walaa Cooperative Insurance Co.'s demand to boost its capital from SAR 528 million to SAR 646.4 million by issuing 11.8 million ordinary shares.
All MetLife AIG ANB Cooperative Insurance Co.'s property and liabilities will be removed to Walaa Cooperative Insurance Co. through a securities exchange offer.
In addition to that, new shares will be issued to MetLife AIG ANB Cooperative Insurance Co. shareholders of record, in case the capital increase demand was accepted, and in case shareholders of MetLife AIG ANB Cooperative Insurance Co. approved the offer in their extraordinary general meeting.
After the merger assessment becomes effective, shares of MetLife AIG ANB Cooperative Insurance Co. will be delisted from the Saudi Stock Exchange.
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