Completion of merger of the Arab Life & Accident Insurance Company in Arab Orient Insurance Company
Date: 30/12/2021
| On Thursday 30/12/2021, the SDC completed the process of merger of the Arab Life & Accident Insurance Company in Arab Orient Insurance Company, and registered the share capital increase of (4,000,000) shares of the Arab Orient Insurance Company (merging company). The share capital increase was performed through: | |
| 1. | Distributing (3,401,025) shares as stock dividends to the shareholders of the Arab Orient Insurance Company before merger. |
| 2. | Distributing (151,181) shares to the shareholders of the Arab Life & Accident Insurance Company before merger, excepting Arab Orient Insurance Company, from the balance of the non-controlling shareholders in the financial statements of the Arab Orient Insurance Company. |
| 3. | Distributing (447,794) shares to the shareholders of the Arab Orient Insurance Company from the company’s retained earnings of the financial statements. |
| Thereby, the SDC record of the Arab Orient Insurance Company indicates the increase of its capital from (21,438,252) shares to a registered capital of (25,438,252) shares as a result of the mentioned share capital increase. | |
| The above mentioned procedure is conducted based upon the company's General Assembly's resolution made in its extraordinary meeting held on 02/11/2021 which was granted the approval of the Ministry of Industry, Trade and Supply on 11/11/2021, and upon the approval of the Jordan Securities Commission issued on 19/12/2021. | |
