Arabia Insurance Cooperative Co. announces recent developments to the signing of a memorandum of understanding with United Cooperative Assurance Company
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by Arabia Insurance Cooperative Co. (“AICC”) on 23/12/1446H (corresponding to 19/06/2025G) regarding signing a memorandum of understanding with United Cooperative Assurance Company (“UCA”) to evaluate a potential merger between the two companies (the “Potential Merger”), and the subsequent development announcement on 22/01/1447H (corresponding to 17/07/2025G) regarding appointing the financial adviser, AICC is pleased to announce the issuance of the non-objection of the General Authority for Competition on the completion of the economic concentration resulting from the Potential Merger.
AICC notes that the Potential Merger is still under consideration, and no binding agreement has been signed to date, and that even after such agreement the Potential Merger will be subject to the approvals of the Insurance Authority, the Capital Market Authority and the Saudi Exchange, as well as obtaining the requisite approvals of the shareholders of both companies.
AICC will make further announcements as and when material developments occur in relation to the Potential Merger. |
| Previous Announcement | Arabia Insurance Cooperative Co. Announces an update on Arabia Insurance Cooperative Company announces signing a Memorandum of Understanding with United Cooperative Assurance Company |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-07-17 Corresponding to 1447-01-22 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The issuance of the non-objection of the General Authority for Competition on the completion of the economic concentration resulting from the Potential Merger. |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable. |
| Delay consequences on the Company’s financial results | Not applicable. |
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