Saudi Enaya invites shareholders to vote on merger with Salama on Feb. 1

Saudi Enaya said the merger will be made through the issuance of 18.89 million new shares in Salama

Saudi Enaya Cooperative Insurance Co. invited shareholders to attend the extraordinary general meeting (EGM), slated for Feb. 1, to vote on merger with Salama Cooperative Insurance Co. (Salama).

In a Tadawul statement, Enaya said the merger will be made through the issuance of 18.89 million new shares in Salama, and the dissolution of Enaya as a result, in accordance with the relevant statutory requirements and the terms and conditions of the merger agreement concluded between the companies on Aug. 14, 2025.

Shareholders will also vote on the provisions of the merger agreement concluded between Enaya and Salama on Aug. 14, 2025, in addition to authorizing the board of directors, or any person authorized by the board of directors, to issue any decision or take any action that may be necessary to implement any of the above-mentioned decisions. According to Argaam data, Enaya said its EGM slated for Jan. 4 did not convene due to the lack of quorum.

Enaya had previously confirmed that the merger with Salama was pursued to regularize the company’s legal status and avoid potential challenges that could arise if the merger was not completed.

Salama’s shareholders have recently approved a 62.98% capital increase from SAR 300 million to SAR 488.94 million, through the issuance of 18.89 million new shares. Under the merger terms, Enaya shareholders will receive 0.8215 Salama shares for each Enaya share.

The completion of the merger transaction is subject to approval by the shareholders of both companies, the statement said.