Enaya’s shareholders to vote on merger with UCA on Dec. 5

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

Shareholders of Saudi Enaya Cooperative Insurance Co. (Enaya) will vote on United Cooperative Assurance Co.’s (UCA)  merger proposal, involving the issuance of 19.26 million new UCA shares during the extraordinar general meeting (EGM) scheduled for Dec. 5.

The agenda covers voting on Enaya and UCA’s merger terms and authorizing the board or its appointee to execute decisions and actions needed for implementing the agreed terms, the company said in a statement to Tadawul.

Enaya and UCA signed a binding merger agreement last May, according to Argaam’s data.

Enaya recently issued a board circular in line with Article 39 of Merger and Acquisition Regulations, detailing the board's view on the merger offer to its shareholders.

UCA also released a shareholders' circular, the offer document, and a timeline outlining the main steps to complete the merger, focusing on the capital increase for merging Enaya into the company.

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