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 Co. (“Enaya”), and with reference to the merger conditions and regulatory approvals section in the Announcement which state that it is mandatory to obtain the approval or non-objection from the Saudi Central Bank (“SAMA”) to complete the Merger.
Amana announces the issuance of the Approval of the Saudi Central Bank on 18/04/1443 (corresponding to 23/11/2021G) on the potential Merger and the capital increase of Amana to SAR (288,580,240) by issuing (15,858,024) new ordinary shares for the purpose of merging with Enaya through transferring all of Enaya’s assets and liabilities to Amana through securities swap offer.
Noting that the Merger remains subject to a number of conditions including obtaining the remaining regulatory approvals and the approvals of the companies’ shareholders. |
| 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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