Doha, December 08 (QNA) – Oman Qatar Insurance Co. SAOG (the “Company”) subsidiary to the Qatar Insurance Company- has entered into a merger agreement with Vision Insurance SAOG (“VISN”).
In a release published on Qatar Stock Exchange website, Qatar Insurance Company announced that under the agreement, the Company and VISN have agreed to take the necessary steps to implement a merger by incorporation (Merger Agreement).
Pursuant to the Merger Agreement, the Company and VISN will merge, and all the assets and liabilities of VISN will be transferred to the Company. On completion of the Merger, VISN will de-list from the MSX and cease to exist as a legal entity and its shares will be cancelled.
The Merger is still subject to approval from the relevant regulatory bodies, as well as from the respective shareholders of the two entities. The Company and VISN will invite each of their shareholders respectively to consider and, if thought fit, approve the Merger at an extraordinary general meeting in due course. (QNA)