Dar Al Takaful PJSC (DFM:DARTAKAFUL) agreed to acquire National Takaful Company (Watania) P.J.S.C. (ADX:WATANIA) for approximately AED 150 million on March 3, 2022. The proposed merger of National Takaful Company and Dar Al Takaful (PJSC), to be affected by way of a merger pursuant to Article 285(1) of UAE Federal Decree Law No. 32 of 2021 Concerning Commercial Companies (the Law), through the issuance of 0.734375 new DAT shares for every 1 share(s) in National Takaful Company, subject to the terms and conditions of the Merger. The Board of Directors have reached an agreement in relation to a potential merger between both companies. The transaction is subject to shareholders and regulatory approvals. A conditional approval for the transaction has been received from the Central Bank of UAE (CB UAE) and both companies are actively working with the Securities and Commodities Authority (SCA) and other relevant regulators to obtain the remaining regulatory approvals. As of April 6, 2022, Dar Al Takaful PJSC issued notice to its shareholders for general meeting to be held on April 25, 2022. On March 17, 2022, The Board of Directors of Dar Al Takaful PJSC and National Takaful Company (Watania) P.J.S.C. has unanimously recommended in favor of the transaction. As on April 25, 2022, the deal was approved by shareholders of National Takaful Company. The merger proposal has received approval from 100% of DAT shareholders and 99.9% of National Takaful Company's shareholders at the Annual General Meetings of both companies. As of May 30, 2022, the objection period for creditors of National Takaful Company (Watania) expired on May 26, 2022 without receiving any objection to the merger. Completion of the proposed transaction is expected to take place during the third quarter of 2022. As per disclosure of April 26, 2022, the merger is expected to complete by end-June 2022. As of June 15, 2022, National Takaful Company informs that the company is in the process of completing the legal procedures to complete the merger with Dar Al Takaful and the transaction is expected to be completed on July 1, 2022.

Emirates NBD Capital Limited is acting as the joint advisor to Dar Al Takaful and National Takaful Company, Ibrahim and Partners is acting as the legal advisor to DAT, Hadef and Partners is acting as the legal advisor to Watania, KPMG is acting as the joint financial, VAT and IT diligence advisor to DAT and Watania, and Milliman KSA is acting as the joint actuarial diligence advisor to DAT and Watania. In addition, KPMG is also acting as the independent valuer for both DAT and Watania.

Dar Al Takaful PJSC (DFM:DARTAKAFUL) completed the acquisition of National Takaful Company (Watania) P.J.S.C. on July 1, 2022.