Saudi Enaya appoints Wasatah Capital as financial advisor on potential merger with UCA

Logos of Saudi Enaya Cooperative Insurance Co. and United Cooperative Assurance Co.

Saudi Enaya Cooperative Insurance Co. appointed Wasatah Capital as financial advisor on its potential merger with United Cooperative Assurance Co. (UCA), the insurer said in a Tadawul statement today, Dec. 20.

Any future updates in this regard will be announced in a timely manner, the statement added.

On Dec. 5, both insurers announced signing a non-binding memorandum of understanding (MoU) to evaluate a possible merger between the two, according to data compiled by Argaam.

UCA appointed Alinma Capital as its financial advisor on the proposed merger.

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