Amana issues circular, offer document for planned merger with Saudi Enaya

Logos of Amana Cooperative Insurance and Saudi Enaya Cooperative Insurance

Amana Cooperative Insurance Co. issued a circular, offer document and timetable of its capital hike to complete the merger with Saudi Enaya Cooperative Insurance Co., the insurer said in a statement.

The circular included details related to Amana’s offer to issue new shares to Saudi Enaya’ shareholders in accordance with Article 49 of the merger and acquisition regulations.

This came with reference to the Capital Market Authority’s (CMA) approval on Aug. 31 for Gulf Union’s application to increase its share capital for the merger of Al-Ahlia into Gulf Union through a share swap.

The circular may be obtained through the CMA’s portal, Amana’s website or the Alinma Investment, Amana’s financial advisor.

Earlier this week, the Capital Market Authority (CMA) approved the request received from Amana to increase its capital from SAR 130 million to SAR 288.58 million by issuing 15.86 million ordinary shares to merge Saudi Enaya.
 

Under the merger, Saudi Enaya’s assets and liabilities will be transferred to Amana through a share swap deal.