GAC approves Amana Insurance, Saudi Enaya merger agreement

15/07/2021 Argaam

Logos of Amana Insurance and Saudi Enaya 


Amana Cooperative Insurance Co. and Saudi Enaya Cooperative Insurance Co. received, on July 14, the General Authority for Competition’s (GAC) non-objection to complete their planned merger, the insurers said in separate bourse filings. 

 

The merger is still subject to approvals from the Saudi Central Bank (SAMA), Capital Market Authority (CMA), and Saudi Exchange (Tadawul).

 

In addition, it also requires approvals from shareholders of both Amana Insurance and Saudi Enaya, the statements noted.

 

Any material developments with respect to the progress of the merger agreement will be announced in due course.

 

In April, Amana Insurance signed a binding merger agreement with Saudi Enaya, under which Saudi Enaya will be merged into Amana, Argaam earlier reported.

 

For More M&As

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.