CMA approves Arabian Shield's capital increase

The Saudi capital markets authority (CMA) has approved the capital increase request of Arabian Shield Cooperative Insurance. The company's capital has been raised from 400 million SAR (106.518 million USD) to 638.52 million SAR (170.034 million USD).

The operation comes within the framework of the merger between the Saudi insurer and AlAhli Takaful. All the assets and liabilities of AlAhli Takaful will be transferred to Arabian Shield which, in turn, will issue 23.85 million new shares with a nominal value of 10 SAR (2.66 USD) each.

The transaction is subject to the approval of the shareholders of both companies.