SAMA approves the merger between Aljazira Takaful Taawuni and Solidarity Saudi Takaful

On 30 November 2020, Saudi Central Bank (SAMA), the market supervisory authority, approved the merger between Aljazira Takaful Taawuni and Solidarity Saudi Takaful.

According to the terms of the transaction, Aljazira Takaful will issue 12.07 million new shares at 10 SAR (2.66 USD) each, in exchange for all the shares of Solidarity.

The merged entity will be capitalized at 470.66 million SAR (125.5 million USD).