Merger between Alahli Takaful and Arabian Shield
On 12 July 2021, Arabian Shield Cooperative Insurance and Alahli Takaful signed a binding memorandum of understanding for the merger of the two entities.
Within this framework, Arabian Shield is to increase its share capital from 400 million SAR (106.5 million USD) to 638.52 million SAR (170 million USD). The operation will be conducted through the issuance of 23.85 million new ordinary shares with a par value of 10 SAR (2.6 USD) each.
At the end of the merger, Alahli Takaful's shareholders will be holding 37.36% of Arabian Shield's capital.
In April 2021, the two companies signed a non-binding memorandum of understanding to negotiate the final terms of the transaction.
Read also | Insurance companies in Saudi Arabia
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Wed, 14/07/2021 - 14:20
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