AlAhli Takaful : announces an update on the latest developments on signing of a Binding Merger Agreement with Arabian Shield Cooperative Insurance Company

A8130 ATC-0.3 (-0.71 %)
1443/04/10 Mon Nov 15, 2021 16:23:09

AlAhli Takaful Company announces an update on the latest developments on signing of a Binding Merger Agreement with Arabian Shield Cooperative Insurance Company

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Element List	Explanation
Introduction	Further to the announcement made by AlAhli Takaful Company ("ATC") published on Tadawul website dated 02/12/1442H corresponding to 12/07/2021G in connection with ATC signing a binding merger agreement to merge with Arabian Shield Cooperative Insurance Company ("Arabian Shield"). Pursuant to which ATC and Arabian Shield have agreed to take the necessary steps to implement a merger between the two firms in accordance with the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the "Merger"), and whereas the CMA has issued its approval dated 05/04/1443H (corresponding to 10/11/2021G) in respect of Arabian Shields application to increase its share capital for the purpose of the merger of ATC into Arabian Shield through a securities exchange offer. Therefore, ATC is pleased to announce the publication of ATC's Board of Directors' Circular ("Circular") relating to the Merger in accordance with the requirements of Article 39 of the Merger and Acquisition Regulations issued by the Board of the CMA which includes ATC's Board of Directors' opinion in respect of the offer addressed to the shareholders of ATC for the purpose of merging ATC in Arabian Shield, in addition to the independent advice provided to the ATC's Board of Directors by FALCOM Financial Services which has been appointed as the financial advisor in connection to the Merger. Arabian Shield has also published the following documents earlier today: 1. The Offer Document to ATC's shareholders ("Offer Document") which includes all the details related to the offer by Arabian Shield to ATC's shareholders for the purpose of merging ATC into Arabian Shield in consideration for Arabian Shield issuing new shares to ATC's shareholders prepared in accordance with Article (38) of the Merger and Acquisition Regulations. 2. Arabian Shield's Shareholders Circular in relation to increasing Arabian Shield's share capital for the purpose of merging ATC into Arabian Shield in consideration for Arabian Shield issuing new shares to ATC's shareholders prepared in accordance with the Rules on the Offering of Securities and Continuing Obligations issued by the Board of the CMA. 3. Transaction Timeline The Transaction Timeline sets out the proposed dates for the main events for the implementation of the Merger, in accordance with the requirements of Article 17(c) of the Merger and Acquisitions Regulations.
Previous Announcement	AlAhli Takaful Company Announces its entry into a binding agreement to merge with Arabian Shield Cooperative Insurance Company
Date of Previous Announcement on Tadawul's Website	2021-07-12 Corresponding to 1442-12-02
Percentage of fulfilled achievement	Not Applicable
Event's Expected Completion Date	Not Applicable
The costs associated with the event, and if they have changed or not with indication of the reasons.	Not Applicable
Additional Information	ATC Board Circular is attached to this announcement.
Attached Documents	[Link]

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