Al-Ahli Takaful & Arabian Shield Obtain SAMA Non-objection Merger Deal

AlAhli Takaful Company ATC and Arabian Shield announced on Wednesday the issuance of the non-objection of the Saudi Central Bank on 26/10/2021G on the Merger and a number of relevant matters, noting that the Merger remains subject to a number of conditions including obtaining the remaining regulatory approvals and the approvals of the firms’ shareholders.

This comes further to the announcement made by AlAhli Takaful Company (“ATC”) published on Tadawul website dated 12/07/2021 in connection with ATC signing a binding merger agreement to merge with Arabian Shield Cooperative Insurance Company (“Arabian Shield”).

AlAhli Takaful Company (“ATC”) and Arabian Shield have agreed to take the necessary steps to implement a merger between the two firms in accordance with the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger”).

The announcement stipulated that the Merger is subject to a number of conditions and approvals including obtaining regulatory approvals from the Saudi Central Bank and the General Authority for Competition and other competent authorities.