Arabian Shield says merger with Alinma Tokio Marine takes effect

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

Arabian Shield Cooperative Insurance Co. said the merger transaction with Alinma Tokio Marine Co. became effective after the amendment of the former’s commercial registry and the consolidation of the latter’s commercial registry with Arabian Shield, according to a statement to Tadawul today, Nov. 15.

It added that the procedures of the merger’s completion have been concluded in accordance with Article 228 of the Companies Law.

Shareholders of Arabian Shield and Alinma Tokio Marine earlier approved the merger during their extraordinary general meetings (EGMs) held on Oct. 24. This is through the issuance of a 0.53 share in Arabian Shield for each share of Alinma Tokio, according to Argaam's data.

In addition, Arabian Shield’s general assembly had agreed to raise the company’s capital from SAR 638.52 million to SAR 798.15 million for the merger.

For More Mergers and Acquisitions