GAC issues no-objection certificate for Arabian Shield- Alahli Takaful merge

The General Authority of Competition (GAC) issued today, Aug. 9, a no-objection certificate to complete the merger of Arabian Shield Cooperative Insurance Co. and Alahli Takaful Co. (ATC), both insurance firms said in separate statements to Tadawul.

The agreement is still subject to a number of conditions, including, obtaining the approval of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), the Saudi Stock Exchange Co., and the approvals of the extraordinary general meetings (EGMs) of both Arabian Shield and ATC.

Arabian Shield and ATC will continue to announce any material developments with respect to the progress of the Agreement.

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