Thndr Claps » Saudi Claps » Tadawul 🔔 » Trading suspended on SABB Takaful’s shares ❌
The ClapSaudi Tadawul has suspended trading on “SABB Takaful” (8080) shares starting October 19, 2022, to start the procedures for canceling the listing of the company’s shares from the market.
The DeetsSABB Takaful announced the execution of the merger deal with Walaa Insurance (8060) after the creditors’ objection period expired on Tuesday.
All of SABB Takaful’s assets and liabilities have been transferred to Walaa.
What this MeansAs a result of the merger, all SABB Takaful shares will be canceled.
Walaa Insurance will issue 20.4 million shares, through an increase in its capital to benefit SABB Takaful shareholders, who are registered in the register of shareholders with “Edaa“.
BackgroundOn September 18, SABB Takaful accepted the offer, made by Walaa for the acquisition of its shareholders’ shares through a securities exchange offer.
What NowThe Securities Depository Center will record the increase in Walaa’s securities, for the benefit of SABB Takaful shareholders after two working days from the decision.
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