Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) on Tuesday said the shares of Al Ahlia Insurance Company were delisted from the bourse on 7 December 2020.
The step comes after the merger between Al Ahlia Insurance and Gulf Union Cooperative Insurance Company came into effect last Sunday.
On 6 December, Tadawul suspended trading on the shares of Al-Ahlia Insurance to begin delisting procedures of the shares.
Under the merger, all assets and liabilities of Al Ahlia, which will cease to exist, have been transferred to Gulf Union, which will continue to exist.
Hence, all shares of Al Ahlia will be cancelled, and Gulf Union will increase its capital through issuing 7.947 million ordinary shares, with a par value of SAR 10 per share, for Al Ahlia shareholders.
