Amana Cooperative Insurance Co. Announces an update on Amana Cooperative Insurance Company announces signing a Binding Merger Agreement with Saudi Enaya Cooperative Insurance Company
| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement made by Amana for Cooperative Insurance Co. (“Amana”) published on Tadawul website dated 20/09/1442H corresponding to 02/05/2021G (the “Announcement”) in connection with Amana signing a binding merger agreement to merge with Saudi Enaya for Cooperative Insurance Co. (the “Agreement”), and with reference to the conditions precedent section of the Agreement which stipulates that the conditions precedent should be satisfied within six months as of the date of signing the Agreement.
Amana is pleased to announce to its shareholders that a deed of variation to the Agreement was signed, under which it was agreed with Saudi Enaya for Cooperative Insurance Co to amend the date of satisfying the conditions precedent so that such date would be twelve months as of the date of signing the Agreement instead of six months, and therefore the Longstop Date for satisfying the conditions precedent will be twelve months as of the date of signing the Agreement. |
| Previous Announcement | Amana Cooperative Insurance Company announces signing a Binding Merger Agreement with Saudi Enaya Cooperative Insurance Company |
| Date of Previous Announcement on Tadawul's Website | 2021-05-02 Corresponding to 1442-09-20 |
| Percentage of fulfilled achievement | Not applicable |
| Event's Expected Completion Date | Not applicable |
| Reasons for Exceeding the Announced End Date | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
| Impact of the Delay on the Company's Financial Results | Not applicable |
| Additional Information | Not applicable |
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