Arabian Shield, AlAhli Takaful announce board circular, offer document on merger

Logos of Arabian Shield and ATC

AlAhli Takaful Co. (ATC) published the board of directors' circular relating to the merger agreement with Arabian Shield Cooperative Insurance Co., in accordance with the requirements of Article 39 of the merger and acquisition regulations issued by the Capital Market Authority (CMA), which includes the opinion of ATC’s board in respect of the offer addressed to ATC shareholders for the purpose of merging ATC in Arabian Shield.

The company said in a bouse filing that the offer includes the independent advice provided to ATC’s board by FALCOM Financial Services which has been appointed as the financial advisor in connection to the merger.

Meanwhile, Arabian Shield published the following documents relating to the merger:

1) The offer document to ATC’s shareholders, which includes all the details related to the offer by Arabian Shield to ATC’s shareholders for the purpose of merging ATC into Arabian Shield in consideration for Arabian Shield issuing new shares to ATC’s shareholders prepared in accordance with Article 38 of the Merger and Acquisition Regulations.

2) Arabian Shield’s shareholders circular in relation to increasing its share capital for the purpose of merging ATC into Arabian Shield in consideration for Arabian Shield issuing new shares to ATC’s shareholders prepared in accordance with the rules on the offering of securities and continuing obligations issued by CMA's board.

3) Transaction timeline that sets out the proposed dates for the main events for the implementation of the merger, in accordance with the requirements of Article 17(c) of the merger and acquisitions regulations.

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