“Tadawul Saudi Arabia” announces the cancellation of the listing of Al-Ahly Takaful Company

The Saudi “Tadawul” announced the cancellation of the listing on the market of the shares of Al-Ahly Takaful Company, at the end of last Thursday’s activity on 06/10/1443 AH corresponding to 13/01/2022 CE.

On Wednesday, “Tadawul” announced the suspension of trading on the stock market of Al-Ahly Takaful Company to initiate the procedures for delisting the company’s stock after entry. in force of the merger of Al-Ahly Takaful Company with Arab Shield Cooperative Insurance Company.

It stated that Securities Depository Center Company “Edaa” will announce the application of the increase in the amount of Arab Shield Cooperative Insurance Company securities to eligible Al-Ahly Takaful Company shareholder center accounts two business days after the date of entrance in force of the merger decision, with a maximum of 6 working days, according to market and center procedures.

In a separate statement, the Al-Ahly Takaful company announced the end of the creditors’ opposition period at the end of January 11, 2022 and that the Al Ahli Takaful company did not receive any objections from the creditors of the Al Ahly Takaful company during that period. .

Therefore, it announced the application of the merger decision between Al-Ahly Takaful Company and Arab Shield Cooperative Insurance Company. The termination of Al-Ahly Takaful Company and the transfer of all its rights and obligations to the Arab Shield Cooperative Insurance Company, which will continue to exist.

He explained that following the merger, all shares of Al-Ahly Takaful Company will be canceled and the Arab Shield Cooperative Insurance Company, by increasing its capital, will issue approximately 23.85 million ordinary shares, with a par value of 10 riyals per share for the benefit of the shareholders of Al-Ahly Takaful Company who are registered in the register of shareholders of Al-Ahly Takaful Company The Securities Depository Center Company has “Edaa” at the end of the trading period on Sunday, January 16, 2022.

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