The General Authority of Competition (GAC) issued today, Aug. 8, a no-objection on the economic concentration of Arabian Shield Cooperative Insurance Co. and Alahli Takaful Co. (ATC).

 

The economic concentration will be through the merger of Arabian Shield with Alahli Takaful, GAC said on its official Twitter account.

 

In July, the two parties signed a binding memorandum of understanding (MoU), according to data compiled by Argaam.

 

Merger Details

Method

By merging ATC with Arabian Shield and transferring all of ATC’s assets and liabilities to Arabian Shield.

Merger Value

In the event that the merger has been approved by all relevant government authorities and EGMs of both companies, Arabian Shield will increase its share capital from SAR 400 mln to SAR 638.52 mln by issuing 23.85 mln new ordinary shares.

Nominal Value

SAR 10 per share

Equity Compensation

Issuance of 1.43 shares of Arabian Shield against one share in ATC

Capital of Merged Entity

SAR 638.52 mln

Ownership of Arabian Shield Shareholders Upon Merger Completion

62.64%

Ownership of ATC Shareholders Upon Merger Completion

37.36%

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