Edaa applies quantity increase on Arabian Shield after merger with Alinma Tokio

Logo of Arabian Shield Cooperative Insurance Co.

The Securities Depository Center Co. (Edaa) implemented the securities quantity increase for Arabian Shield Cooperative Insurance Co. resulting from the merger  Alinma Tokio Marine Co.

The quantity increase was deposited through securities exchange on the center’s accounts of eligible shareholders registered in Arabian Shield as of today, Oct. 29.

According to data compiled by Argaam, shareholders of Arabian Shield and Alinma Tokio approved on Oct. 24 the proposed merger during their extraordinary general meetings (EGMs).

The merger deal will be through issuing 0.53 shares of Arabian Shield for each share of Alinma Tokio.

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

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