Logos of Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co.
Shareholders of Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co. will vote on the merger deal through issuing 15.96 million ordinary shares, during the extraordinary general meetings (EGMs) scheduled for Oct. 24, according to Tadawul website.
The deal also includes transferring all Alinma Tokio’s assets and liabilities to Arabian Shield through a share swap.
Alinma Tokio’s shareholders will vote on Arabian Shield’s merger offer, as per the Companies Law, through issuing 15.96 million new shares in Arabian Shield in return for all Alinma Tokio shares and expiration of the latter accordingly, as per the relevant regulatory requirements as well as the terms and conditions of the merger agreement.
Meanwhile, Arabian Shield’s shareholders will vote on the board's recommendation to increase capital from SAR 638.52 million to SAR 798.15 million by issuing 15.96 million ordinary shares.
They will also vote on the merger with Alinma Tokio, as well as the transfer of the latter's assets and liabilities to Arabian Shield through a share swap deal.
Alinma Tokio recently announced the start of the creditors’ objection period related to the merger with Arabian Shield, starting from Sept. 21, till the end of Oct. 6, 2023, Argaam reported earlier.
Arabian Shield recently published the shareholders circular, the offer document, and the transaction timeline in relation to the company's capital increase for merging with Alinma Tokio through a share swap.
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