Tokio Marine Middle East, an Islamic insurer, has gotten regulatory approval to list up to 30 percent of its shares on the Saudi stock exchange, according to a statement on Monday.

Saudi Arabia's Alinma bank, a major shareholder in Tokio Marine Saudi Arabia, said the Capital Markets Authority had given the go-ahead for the initial public offering of 6 million shares at 10 riyals per share.

Japan's Tokio Marine Holding and Alinma both own a 28.5-percent stake in the Saudi unit. Other smaller shareholders include Saudi Basic Industries.-Reuters