SAMA approves Arabian Shield-Alinma Tokio Marine merger

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

Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co. obtained, on Sept. 11, the approval of the Saudi Central Bank (SAMA) on their merger. 

 

In two separate statements to Tadawul, the insurers said the merger is pending additional conditions, including the approvals of the Capital Market Authority (CMA), the Saudi Exchange (Tadawul), and the extraordinary general meetings (EGMs) of both companies.  

 

In June, Arabian Shield and Alinma Tokio Marine signed a binding merger agreement through a share swap. They agreed that Arabian Shield will issue 0.53 ordinary share for every share issued in Alinma Tokio Marine.

 

Merger Details

Method of Merger

Alnima Tokio Marine will merge into Arabian Shield, and all its assets and liabilities will transfer to the latter.

Merger Value

If the merger is approved by the regulatory authorities, and shareholders of both companies and upon the expiry of creditors' objection period, Arabian Shield will increase its capital to SAR 798.15 million from SAR 638.52 million by issuing 15.96 million new ordinary shares

Nominal Value

SAR 10 per share

Swap Ratio

Issuance of 0.53 share in Arabian Shield for every share in Alinma Tokio Marine

Capital of New Entity

SAR 798.15 mln

Arabian Shield Ownership Post- Merger

80%

Alinma Tokio Marine Ownership Post- Merger

20%
 

For More Mergers and Acquisitions

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