Arabian Shield deposits proceeds from fractional shares sale

Arabian Shield Cooperative Insurance Co. completed today, May 18, depositing around SAR 140,075 proceeds from the sale of fractional shares in the accounts of eligible shareholders, according to a bourse statement.

The company sold 5,856 shares at an average price of SAR 23.92 per share.

In January, the company said that, pursuant to the merger agreement with AlAhli Takaful Co. (ATC), it issued 23.85 million ordinary shares with a nominal value of SAR 10 per share in favor of ATC shareholders by increasing paid-up capital from SAR 400 million to SAR 638.52 million and increasing the number of fully-paid shares from 40 million to 63.85 million.