chi
chi
  • Oct 16, 2023

Saudi Enaya Cooperative Insurance Company announces updates on signing a binding merger agreement with United Cooperative Assurance Company

Further to Saudi Enaya Cooperative Insurance Company (“Company” or “ Enaya”) previous announcement dated 12/11/1444H (corresponding to 01/06/2023G) regarding signing a binding merger agreement with United Cooperative Assurance Company , whereby it was agreed to take all the steps required by law to complete the merger transaction in accordance with the provisions of the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger Transaction”), whereas the previous announcement refers to several conditions and approvals required to complete the Merger Transaction, including the issuance of the approval from the Saudi Central Bank (SAMA) and other competent authorities, Saudi Enaya Cooperative Insurance Company hereby announces the issuance of SAMA’s approval regarding the Merger Transaction on 30/03/1445H (corresponding to 15/10/2023G) and other ancillary matters, noting that the completion of the Merger Transaction remains subject to other conditions including certain regulatory approvals and the affirmative votes of the extraordinary general assemblies of both Saudi Enaya Cooperative and United Cooperative Assurance Company on the Merger Transaction.