Alinma Tokio starts creditors' objection period for Arabian Shield merger

Logos of Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co.

Alinma Tokio Marine Co. announced the start of the creditors’ objection period related to the merger with Arabian Shield Cooperative Insurance Co., in accordance with the provisions of Article (227) of the Companies Law, starting from today, Sept. 21, till the end of Oct. 6, 2023, according to a statement to Tadawul.

Accordingly, any creditor of Alinma Tokio has the right to object to the merger deal by sending a registered letter to the company's head office in King Fahd Rd, Al Anoud Building, Tower 2, 21st floor, Riyadh, or by e-mail: Investor@atmc.com.sa, the company said.

For more details about the merger deal, please refer to the offer document issued by Arabian Shield and the circular of Alinma Tokio’s board of directors to shareholders, it added.

The CMA approved recently the application received from Arabian Shield to increase its capital from SAR 638.52 million to SAR 798.15 million by issuing 15.96 million ordinary shares to merge with Alinma Tokio and transfer all of the former’s assets and liabilities to the latter through a share swap, according to Argaam's data.

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