The Saudi Arabian Capital Market Authority (CMA) has authorized Arabian Shield Cooperative Insurance to increase its share capital. The figure was thus raised from 638 524 620 SAR (170 053 792 USD) to 798 152 950 SAR (212 566 488 USD).
This capital increase is part of the planned merger between Arabian Shield and Alinma Tokio Marine Insurance, two companies listed on the Saudi Tadawul stock exchange.
The transaction is still pending approval by the shareholders of both companies.
Should the deal go through, the assets and liabilities of Alinma Tokio Marine Insurance will be transferred to Arabian Shield, which will in turn issue 15 962 833 ordinary shares with a value of 10 SAR (2.66 USD) each.
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