GAC approves Arabian Shield, Alinma Tokio merger deal

Logos of Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co.

Arabian Shield Cooperative Insurance Co. and Alinma Tokio Marine Co. said that the General Authority for Competition (GAC) issued, on June 19, a non-objection certificate to complete the binding merger agreement.

The agreement remains subject to a number of conditions, including, obtaining the approval of Saudi Central Bank (SAMA), Capital Market Authority (CMA), and Saudi Exchange (Tadawul), along with approvals from shareholders of both the companies, the two insurers said in separate statements to Tadawul.

Any relevant updates will be duly announced, as per applicable regulations.

Recently, the two insurance providers signed a binding agreement for a merger through share swap. They agreed that Arabian Shield will issue 0.53 ordinary share for every share issued in Alinma Tokio Marine, according to data available on Argaam.

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