Tadawul delists Al-Ahlia shares as merger takes effect

The Saudi Stock Exchange (Tadawul) delisted Al-Ahlia Insurance Co.’s shares as of Monday, Dec. 7, the bourse said.

According to data compiled by Argaam, Gulf Union Cooperative Insurance Co. and Al-Ahlia announced, on Dec. 6, the effectiveness of the merger resolution, pursuant to which all assets and liabilities of Al-Ahlia will be transferred to Gulf Union by issuing new shares with no outstanding unsatisfied creditor objections.

As a result of the merger deal, all the shares of Al-Ahlia will be canceled, and Gulf Union will implement this by increasing its capital, and issuing 7.95 million ordinary shares, with a par value of SAR 10 per share, in favor of the shareholders of Al-Ahlia, registered with the Securities Depository Center (Edaa) at the end of the trading period on Dec. 3, 2020.

For More M&As