RIYADH: Al Jazira Takaful Company announced the enforcement of the decision to merge Solidarity Saudi Arabia into Al Jazira Takaful Company and transfer all the assets and liabilities of Solidarity Saudi Company to Al Jazira Takaful Company.

Al Jazira Takaful Company will issue 12.066 million ordinary shares with a nominal value of Ten Saudi riyals per share and registered in favor of the shareholders of the company Solidarity Saudi Takaful by increasing the paid-up capital of Al Jazira Takaful Company from 350 million Saudi riyals to 470.664 million Saudi riyals and increasing the number of its shares from 35 million shares up to 47.066 million fully paid shares, after both Al Jazira Takaful Company and Solidarity Saudi Takaful Company had fulfilled the merger terms agreed upon according to the merger agreement concluded between the two companies and described in the shareholders ’circular and the offer document issued by AlJazira Takaful Company regarding the merger deal.

It is expected that the shares of Solidarity Saudi Takaful Company will be canceled in the trading and listing of the new shares in Tadawul and allocate them to the benefit of Solidarity Saudi Takaful shareholders who are entitled to it within a period not exceeding the sixth.

It should be noted that if the calculation of the number of shares owed to any of the shareholders of Solidarity Saudi Takaful Company based on the swap factor resulted in fractions of shares, the resulting number will be rounded to the lowest integer number.

Fractions of shares will be collected and sold in circulation at the market price at the time on behalf of the shareholders of Solidarity Saudi Takaful Company who are entitled to it, and then the proceeds resulting from the sale of fractional shares will be distributed to all those who deserve it according to what it deserves, within a maximum period of thirty (30) days from the date of completion Merger deal (as defined in the shareholder’s circular and the offer document).

The costs related to the sale of fractions of shares will be deducted from the total proceeds of the fractional sale.