The General Authority of Competition (GAC) issued today, Aug. 8, a no-objection on the economic concentration of Arabian Shield Cooperative Insurance Co. and Alahli Takaful Co. (ATC).
The economic concentration will be through the merger of Arabian Shield with Alahli Takaful, GAC said on its official Twitter account.
In July, the two parties signed a binding memorandum of understanding (MoU), according to data compiled by Argaam.
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Merger Details |
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Method |
By merging ATC with Arabian Shield and transferring all of ATC’s assets and liabilities to Arabian Shield. |
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Merger Value |
In the event that the merger has been approved by all relevant government authorities and EGMs of both companies, Arabian Shield will increase its share capital from SAR 400 mln to SAR 638.52 mln by issuing 23.85 mln new ordinary shares. |
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Nominal Value |
SAR 10 per share |
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Equity Compensation |
Issuance of 1.43 shares of Arabian Shield against one share in ATC |
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Capital of Merged Entity |
SAR 638.52 mln |
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Ownership of Arabian Shield Shareholders Upon Merger Completion |
62.64% |
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Ownership of ATC Shareholders Upon Merger Completion |
37.36% |
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