Alinma Bank acquires 4.6M shares in Arabian Shield
Logos of Alinma Bank & Arabian Shield Cooperative Insurance Co.
Alinma Bank completed the purchase of 4.59 million shares in a private transaction from Tokio Marine & Nichido Fire Insurance (TMNF) in Arabian Shield Cooperative Insurance Co., according to a Tadawul statement.
The bank had earlier obtained the non-objection from the Saudi Central Bank (SAMA) and the Insurance Authority on the deal.
The transaction reinforces the bank’s commitment to enhancing the financial sector and expanding its footprint through diversifying its investments, as well as reflecting the bank’s confidence in the future growth of the insurance sector.
The deal will be financed from Alinma Bank's own resources, the statement said, adding that the transaction will have a positive in the long term.
There are no related parties to the deal.
In January 2024, the bank signed an agreement to purchase TMNF's shares in Arabian Shield Cooperative Insurance Co., constituting a 5.75% stake in the company's capital, Argaam earlier reported.
After completing the acquisition, Alinma Bank's equity in Arabian Shield reached 11.5%, or 9.18 million shares.
Arabian Shield witnessed a negotiate deal today, Feb. 5, through which 4.6 million shares were traded at a total value of SAR 81 million.
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