SAMA greenlights merger of insurers Amana Cooperative, Enaya 

Wed, 2021-11-24 08:59

RIYADH: The Saudi Central Bank (SAMA) has approved the planned merger of Amana Cooperative Insurance Co. and Enaya on Tuesday, according to a bourse filing.

Amana also got SAMA’s approval to increase its capital to SR288.5 million ($76.9 million) by issuing 15,858,024 new ordinary shares for the purpose of merging with Enaya through transferring all of its assets and liabilities to Amana through a 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, the company said in a statement on Saudi Stock Market (Tadawul).

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