SAMA approves Saudi Enaya, Amana Insurance merger

Logos of Amana Insurance and Saudi Enaya

The Saudi Central Bank (SAMA) approved the merger between Amana Cooperative Insurance Co. and Saudi Enaya Cooperative Insurance Co., the two insurers said in separate statements to Tadawul today, Nov. 24.

SAMA also approved Amana Insurance’s request for capital increase to SAR 288.58 million, by issuing 15.86 million new ordinary shares.

The capital increase is targeted to meet the purpose for the proposed merger, which will be carried out through transferring all of Saudi Enaya’s assets and liabilities to Amana Insurance through securities swap offer.

The merger remains subject to a number of conditions, including obtaining the remaining regulatory approvals and the approvals of the companies’ shareholders, according to the statements.

Amana Insurance and Saudi Enaya signed a binding merger agreement on April 29, Argaam earlier reported.

In October, the two insurers announced extending the period for finalizing the requirements of the merger agreement to 12 months, instead of six months.

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