Saudi Enaya says creditors’ objection period ends

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

Saudi Enaya Cooperative Insurance Co. (Saudi Enaya) announced that the creditors’ objection period related to the merger with United Cooperative Assurance Co. (UCA) ended on Nov. 17, according to a statement to Tadawul.

There are no outstanding objections from its creditors, Saudi Enaya said.

In May, the two insurers signed a binding merger agreement, through the issuance of 19.26 million new shares in UCA in exchange for the full shares of Saudi Enaya, Argaam reported.

The creditors' objection period began on Nov. 2. Shareholders of both companies will vote on the merger agreement on Dec. 5.

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