Saudi Enaya, Amana extend merger agreement completion term to 12 months

Logos of Saudi Enaya and Amana Insurance

Amana Cooperative Insurance Co. and Saudi Enaya Cooperative Insurance Co. extended the period for finalizing the requirements of the binding merger agreement, to 12 months, instead of six months.

According to two separate bourse filings, both insurers sealed an addendum agreement to amend the date.

Amana signed, on April 29, a binding merger agreement with Saudi Enaya, under which Saudi Enaya’s assets and liabilities will be transferred to Amana, according to Argaam.

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