Aljazira Takaful, Solidarity get SAMA nod on merger deal

Aljazira Takaful, Solidarity get SAMA nod on merger deal
Both insurers are finalizing other regulatory approvals, a step which will be followed by issuing the merger circular as well as the offer document to be approved by shareholders of both entities, the statement added. (File/AFP)
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Updated 01 December 2020

Aljazira Takaful, Solidarity get SAMA nod on merger deal

Aljazira Takaful, Solidarity get SAMA nod on merger deal

Aljazira Takaful Taawuni Co. and Solidarity Saudi Takaful Co. obtained the approval of the Saudi Central Bank (SAMA) for merger on Nov. 30, 2020, the insurers said in two separate bourse filings today, Dec. 1.

Both insurers are finalizing other regulatory approvals, a step which will be followed by issuing the merger circular as well as the offer document to be approved by shareholders of both entities, the statement added.

The merger deal is subject to the approval of the extraordinary general meetings of both companies.

Related updates will be duly revealed, the statement added.

In August, Aljazira Takaful inked a binding merger agreement with Solidarity. The agreement will be implemented via a swap deal whereby Aljazira will issue 12.07 million new shares at SAR 10 ($2.66) each to Solidarity in exchange for all of its issued shares, with no cash payment in return, according to Argaam.

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UAE’s Mubadala Petroleum signs Red Sea oil exploration deal with Egypt

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
Updated 31 min 41 sec ago

UAE’s Mubadala Petroleum signs Red Sea oil exploration deal with Egypt

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea. (Shutterstock/File Photo)
  • It will own 27 percent of the stake as part of the agreement, while Shell will own 63 percent

CAIRO: The UAE’s Mubadala Petroleum Company has signed an agreement with Egypt to explore for oil and gas in the Red Sea.

The agreement, signed by Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla, allows the company to explore in a 3,084 square kilometer area of the Red Sea and was a result of a bidding round in 2019.

It will own 27 percent of the stake as part of the agreement, while Shell will own 63 percent. Egypt’s Tharwa Petroleum Company owns the remaining 10 percent.

The agreement refers to an area known as Sector 4, located in the north of the Red Sea in an area adjacent to the Gulf of Suez Basin, which is rich in natural resources. 

Parties will commit to conducting exploration studies in this sector and collecting seismic data for the area, using three-dimensional techniques, during the first three years of the exploration phase.

“The addition of Sector 4 in the Red Sea represents a new extension of our operations in Egypt, while providing a valuable opportunity to expand our activities, and by working with a strategic partner such as Shell,” said Mubadala Petroleum CEO Bakheet Al Katheeri. “The search and exploration operations in this sector, if successful, will support our strategy of extracting and manufacturing hydrocarbons, in order to contribute to supporting the stability and expansion of the Egyptian market, while providing growth opportunities for our operations in the country.”

Mubadala Petroleum owns a 10 percent stake in the offshore Shurooq gas field concession that includes the Zohr natural gas field, in addition to 20 percent in the concession area of Noor Gas Company. Both are located in the Mediterranean Sea off the coast of Egypt.