Saudi's Solidarity Takaful CEO resigns ahead of planned merger with Aljazira Takaful Taawuni

The chief executive officer of Saudi Arabia's Solidarity Takaful has resigned, the company said in a bourse filing on Tuesday (Feb 2).

Bader bin Khalid Al-Anzi's last working day will be Wednesday, Mar 2. 

Al-Anzi resigned for "private reasons", said Solidarity.

Al-Anzi's resignation comes ahead of Solidarity's planned merger with Aljazira Takaful Taawuni.

Solidarity Takaful's board on Jan 27 approved the offer to merge from Aljazira Takaful Taawuni. The plan involves issuing 12.07 million new shares in Aljazira against the full capital share of Solidarity Saudi Takaful. Solidarity Takaful would then terminate its operations. 

Al-Anzi started as CEO in Sep 2016. He was previously Solidarity Takaful's chief financial officer. 

Solidarity Takaful is currently one of 30 active insurance and reinsurance companies operating in Saudi Arabia, according to central bank data. 

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