Creditor objection period on Alinma Tokio, Arabian Shield merger ends

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

Alinma Tokio Marine Co. announced the end of the creditors’ objection period related to the merger with Arabian Shield Cooperative Insurance Co. on Oct. 6, without any objection to the merger, the insurer said in a statement to Tadawul.

 

The Capital Market Authority (CMA) recently approved 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.  

 

The capital hike aims to complete the merger of Alinma Tokio with Arabian Shield and transfer all of the former’s assets and liabilities to the latter through a share swap, Argaam earlier reported. 

 

The creditors’ objection period started on Sept. 21, 2023. 

 

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