Arabian Shield, AlAhli Takaful shareholders to vote on merger on Dec. 9

Logos of Arabian Shield and AlAhli Takaful

Shareholders of Arabian Shield Cooperative Insurance Co. and AlAhli Takaful Co. (ATC) will vote on the planned merger by issuing 1.43 new shares in Arabian Shield for every share of ATC, during their extraordinary general meetings (EGM) scheduled for Dec. 9.

Shareholders will also vote on the terms of the merger agreement concluded between both parties, both companies said in separate statements. 

Additionally, they will vote on increasing the company’s capital from SAR 400 million to SAR 638.52 million, subject to the terms and conditions of the merger agreement. 

 Earlier this month, the Capital Market Authority (CMA) approved, Arabian Shield’s request to increase its capital by issuing 23.852 million ordinary shares to merge with ATC, and transfer ATC’s assets and liabilities to Arabian Shield through a share swap.