Amana Insurance, Saudi Enaya sign binding merger deal
Tuesday, 05 04 2021, Category: Insurance and Reinsurance, Country: Saudi Arabia
Amana Cooperative Insurance Co. signed, on April 29, 2021, a binding merger agreement with Saudi Enaya Cooperative Insurance Co., under which Saudi Enaya will be merged into Amana.
Upon completion of the merger, Saudi Enaya’s assets and liabilities will be transferred to Amana, the two companies said in separate bourse statements.
Amana was notified by the Saudi Enaya’s board of directors that if the terms of the merger agreement and the offer document comply with the terms of the merger set out in this announcement, they intend to recommend that Saudi Enaya shareholders vote in favor of the proposed decisions to approve the merger in Saudi Enaya’s upcoming extraordinary general meeting (EGM).
The opinion of Saudi Enaya’s board of directors on the merger will be included in the announcement of the company's EGM related to the merger, given that Amana announces its firm intention to proceed with the merger in accordance with Article 17 of the mergers and acquisitions regulations.