Walaa Cooperative: Authorities approve on capital increase request

The Saudi Arabian Capital Markets Authority (CMA) has authorized the capital increase of Walaa Cooperative Insurance Company. The latter increases from 528 million SAR (140.8 million USD) to 646.4 million SAR (172.4 million USD). This operation takes part in the merger with MetLife AIG ANB.

The entire MetLife portfolio will be transferred to Walaa, which in turn will issue shares for distribution to MetLife shareholders. Upon completion of the merger, MetLife shares will be delisted from the stock exchange.