Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co. issued the board circular, which includes its opinion regarding the offer submitted to its shareholders for the merger deal with United Cooperative Assurance Co. (UCA), according to a statement to Tadawul today, Nov. 2.
The circular also includes the independent advice provided to Saudi Enaya’s board by financial advisor Wasatah Capital.
In the report, Saudi Enaya's board described the merger as fair and reasonable. Board members also believe the deal is in the interest of the Company and its shareholders, and therefore they unanimously advise Saudi Enaya's shareholders to approve of it.
Saudi Enaya also said more documents related to the merger will be made available to shareholders, starting today until the end of the offer period.
Meanwhile, Saudi Enaya announced, in a separate Tadawul filing today, the start of the creditors' objection period to the merger deal with UCA, which will end on Nov. 17.
Accordingly, any creditor of Saudi Enaya has the right to object to the merger deal by sending a registered letter to the company's head office, it added.
Earlier today, UCA announced publishing the shareholders circular, offer document, and the transaction timeline for a capital hike to merge with Saudi Enaya.
Saudi Enaya and UCA obtained, on Oct. 15, the Saudi Central Bank’s (SAMA) approval on their prospective merger transaction and other related matters.
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