Saudi's SAMA greenlights merger of insurers Amana Cooperative, Enaya

The merger remains subject to a number of conditions including obtaining the remaining regulatory approvals

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri
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).

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities