Riyadh – Mubasher: The shareholders of Arabian Shield Insurance Company decided to increase the company’s capital by SAR 238.52 million in line with the approval for the merge with AlAhli Takaful Company.

Arabian Shield’s capital will stand at SAR 638.52 million distributed over 63.85 million shares, compared to SAR 400 million and 40 million shares prior to the increase, according to a bourse filing to Tadawul.

Upon the merger agreement, Arabian Shield will issue 1.43 new share for every original share in Alahli Takaful.

In a separate disclosure on Tadawul, AlAhli Takaful said its shareholders gave the green light for the merger offer presented by Arabian Shield.

The Saudi General Authority of Competition (GAC) gave its approval for the merger between Arabian Shield and AlAhli Takaful last August.