Riyadh – Mubasher: Saudi Arabia’s General Authority of Competition (GAC) gave the green light for the merger between Arabian Shield Cooperative Insurance and AlAhli Takaful Company.

The approval was granted to both companies on 8 August 2021, according to a bourse disclosure on Monday.

The merger agreement is still subject to a number of conditions and approvals of the Saudi Central Bank (SAMA), the Capital Market Authority (CMA), the Saudi Stock Exchange Company, and the extraordinary general meeting of both parties.

Last July, the two listed companies signed a binding memorandum of understanding (MoU) for the potential merger.