Solidarity, Aljazira Takaful merger takes effect as creditor objection period ends

Solidarity, Aljazira Takaful merger takes effect as creditor objection period ends
28/02/2021
Argaam
Logo of Solidarity and Aljazira Takaful
The creditor objection period for the merger between Solidarity Saudi Takaful Co. (Solidarity) and Aljazira Takaful Taawuni Co. ended Feb. 26, 2021, without any outstanding objections from Solidarity’s creditors.
 
The company said in a statement to Tadawul that it has received two separate objections from creditors pertaining to existing claims previously filed against the company, and is currently awaiting final judgement from a court in Saudi Arabia.
 
Solidarity’s ultimate liability pertaining to these two claims is still subject to a final judgement from the court; however, these potential liabilities and/or debts are not currently due and are deferred debt for the purpose of the provisions of Article 193 of the Companies Law.

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