Logos of Walaa Insurance and SABB Takaful
SABB Takaful Co. and Walaa Cooperative Insurance Co. (Walaa Insurance) extended the memorandum of understanding (MoU) on the potential merger to finalize the due diligence process.
The MoU was extended for 45 days until Feb. 24, 2022, both insurers said in two separate bourse filings.
The other MoU provisions will remain intact, the statements added.
Both insurers signed a non-binding MoU on July 14, 2021, to evaluate a potential merger between the two companies, Argaam reported. The MoU was supposed to expire either on the signing of the merger agreement or after a period of 180 days, whichever was earlier.
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