Saudi Arabia: Alahli-Arabian Shield merger takes effect

Source: Middle East Insurance Review | Feb 2022

Saudi Arabian insurer AlAhli Takaful has announced that its proposed merger with Arabian Shield Cooperative Insurance is effective after no objections were raised by creditors by the set deadline, said a statement on the Saudi stock exchange last month.

The two insurers signed an agreement to merge in July 2021 and creditors were given until 11 January 2022 to make their objections known.

With the merger now effective, AlAhli Takaful is no longer considered a separate establishment and all of its assets and liabilities have been transferred to Arabian Shield. According to the statement, Arabian Shield will increase its paid-up capital to SAR638.5m ($170.27m) by issuing 23,852,462 ordinary shares at a nominal value of SAR10 each in favour of AlAhli Takaful shareholders. M

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