Riyadh – Mubasher: The extraordinary general meeting (EGM) of Amana for Cooperative Insurance Company has approved the merger with Saudi Enaya Cooperative Insurance Company.

During its meeting, the EGM has also agreed on an increase of the company’s share capital to SAR 288.58 million from SAR 130 million, subject to the terms and conditions of the merger agreement, according to a bourse filing on Monday.

However, Saudi Enaya's EGM rejected the offer presented by Amana Cooperative Insurance Company for the merger and the terms of the agreement.

It is noteworthy to mention that in July 2021, the Saudi General Authority of Competition issued a non-objection note for the merger with Saudi Enaya for Cooperative Company.