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.
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Merger Details |
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Method of Merger |
ATC will be merged with Arabian Shield and all of its assets and liabilities will be transferred to Arabian Shield |
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Merger Value |
If the merger is 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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Swap Ratio |
Issuance of 1.43 shares of Arabian Shield for every share of 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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