Arabian Shield, AlAhli Takaful to vote on merger on December 9

Arabian Shield General Assembly will also vote on its capital increase

  
Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

Saudi traders monitor stock information at the Saudi stock market in Riyadh, Saudi Arabia August 25, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri
JEDDAH: Arabian Shield Insurance and AlAhli Takaful Company will vote on their merger on Dec. 9, according to bourse filings.

The deal includes issuing 1.43 new shares in Arab Shield for each share in AlAhli Takaful Company, the companies said in separate statements on the Saudi Stock Market (Tadawul).

The Arabian Shield General Assembly will also vote on its capital increase from SR400 million ($106.6 million) to SR638.52 million ($170.2 million), in accordance with the merger agreement, noting that this increase will take effect when the merger becomes effective.

Both companies signed a merger agreement last July, and received approvals from the Saudi Central Bank and the General Authority for Competition.

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