Riyadh, Saudi Arabia — Saudi Central Bank has approved the merger of the Saudi Enaya Cooperative Insurance Company and United Cooperative Assurance Company (UCA), the two companies said.
In separate statements to the Tadawul, the firms said the merger remains subject to other conditions, including obtaining the remaining regulatory approvals and the affirmative votes of their extraordinary general assemblies.
Argaam reported that UCA had in July confirmed its intention to submit a merger offer for Saudi Enaya. The two companies signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya for the benefit of eligible shareholders in the latter.
On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement, with Enaya’s shareholders holding 55 percent of the merged entity’s capital and Amana’s shareholders the remaining 45 percent.