Arabian Shield General Assembly agrees to merge Alinma Tokyo and capital increase

Arabian Shield Coo. Ins. Co. Announces the results of the extraordinary General Assembly meeting (second meeting), due to the lack of quorum in the first meeting, the second meeting was held one hour after the scheduled time of the first meeting with the shares represented in the meeting, where the attendance rate 44.48% of the shares representing the capital.

The Company explained that the Assembly approved on merging Alinma Tokio Marine Company (“Alinma Tokio”) into Arabian Shield Cooperative Insurance Company (“Arabian Shield” or the “Company”) and transferring all the assets and liabilities of Alinma Tokio to Arabian Shield through asecurities exchange offer, through the issuance of 15,9 million new, fully paid-up ordinary shares representing 25.00% of the current capital of Arabian Shield for the benefit of the shareholders of Alinma Tokio in return for merging the Alinma Tokio into Arabian Shield with a nominal value of ten (10) Saudi riyals.

The Assembly also approved to increase the capital of Arabian Shield from SAR 638,5 million to SAR 798,1 million, in accordance with the terms and conditions of the Merger agreement and in compliance with the new companies’ law

The rest of the association’s details are available through the following link:

https://www.saudiexchange.sa/Resources/fsPdf/15770_491_2023-10-24_22-47-55_ar.pdf