Logos of Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co.
Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co. signed, on June 14, a binding merger agreement through a share swap. They agreed that Arabian Shield will issue 0.53 ordinary share for every share issued in Alinma Tokio Marine, both companies said in separate statements to Tadawul.
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Merger Details |
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Method of Merger |
Alnima Tokio Marine will be merged into Arabian Shield. All assets and liabilities of Alinma Tokio will be transferred to Arabian Shield. |
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Merger Value |
If the merger is approved by the regulatory authorities, and shareholders of both companies and upon the expiry of creditors' objection period, Arabian Shield will increase its capital to SAR 798.15 million from SAR 638.52 million by issuing 15.96 million new ordinary shares |
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Nominal Value |
SAR 10 per share |
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Swap Ratio |
Issuance of 0.53 share in Arabian Shield for every share in Alinma Tokio Marine |
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Capital of New Entity |
SAR 798.15 mln |
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Ownership of Arabian Shield Shareholders Upon Merger Completion |
80% |
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Ownership of Alinma Tokio Marine Shareholders Upon Merger Completion |
20% |
Upon the merger closure, the assets and liabilities of Alinma Tokio Marine will be transferred to Arabian Shield. Alinma Tokio Marine will also cease to exist.
Any relevant updates will be duly announced, as per applicable regulations.
Both insurance services providers will maintain normal operations until the merger is complete, they added.
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