Riyadh – The Capital Market Authority (CMA) recently approved United Cooperative Assurance Company’s (UCA) request to increase its capital by SAR 192.60 million to conclude the merger with Saudi Enaya Cooperative Insurance Company.
United Cooperative will raise the capital from SAR 400 million to SAR 592.60 million by issuing 19.26 million ordinary shares, according to an official statement.
Under the securities exchange offer for the merger transaction, all the assets and liabilities of Saudi Enaya will be transferred to United Cooperative.
Meanwhile, the merger will be completed if the shareholders of United Cooperative approve the capital increase and the stakeholders of Saudi Enaya accept the offer in their extraordinary general meetings (EGMs). Accordingly, the new shares will be issued to Saudi Enaya’s equityholders while its shares will be delisted from the Saudi Exchange (Tadawul).
It is worth noting that United Cooperative incurred net losses of SAR 7.08 million during the first nine months (9M) of 2023, while Saudi Enaya recorded net profits before Zakat worth SAR 20.76 million.
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