Alinma Bank (SASE:1150) agreed to acquire an additional 5.75% stake in Arabian Shield Cooperative Insurance Company (SASE:8070) from Tokio Marine & Nichido Fire Insurance Co., Ltd. on January 16, 2024. The agreement comes after the Alinma Bank has obtained a non-objection to the purchase request from the Saudi Central Bank ?SAMA? and the Insurance Authority.

The transaction is subject to regulatory approval and is expected to close by the end of FY 2023 (March 31, 2024).