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CMA approves Al-Jazirah Takaful's capital increase

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Magazine Issue: 
Covid-19, insurers affected but not wrecked [3]
Magazine date: 
Jan 2021

Aljazira TakafulThe Capital Market Authority (CMA) has authorized the capital increase of Al-Jazirah Takaful Cooperative Company; from 350 million SAR (93.2 million USD) to 470.66 million SAR (125.3 million USD).

This operation is part of the merger approved by the Saudi Central Bank (SAMA) in November 2020 between Al-Jazirah Takaful Cooperative Company and Solidarity Saudi Takaful.

All assets and liabilities of Solidarity will be transferred to Al-Jazirah Takaful, which will issue 12.07 million new shares in exchange for Solidarity securities.

Read also | merger between Aljazira Takaful Taawuni and Solidarity Saudi Takaful [4]

Tue, 05/01/2021 - 13:53

Source URL: https://www.atlas-mag.net/en/article/cma-approves-al-jazirah-takaful-s-capital-increase

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