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United Cooperative Assurance Co. Announces an update on United Cooperative Assurance Company announcement regarding resignation and appointment of a CEO.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of the United Cooperative Assurance Company on “Tadawul” dated 07 Dhu Al-Hijjah 1446H corresponding to 03 June 2025 regarding the resolution of the company’s Board of Directors to accept the resignation of the company’s CEO, Mr. Mohammed bin Mohammed Said Basrawi, effective from 05 Muharram 1447H corresponding to 30 June 2025. Whereas, the company had announced on 23 Dhu Al-Hijjah 1446H, corresponding to 19 June 2025, the signing of a memorandum of understanding with Arabia Insurance Cooperative Company to evaluate the feasibility of merging the two companies. |
| Previous Announcement | United Cooperative Assurance Company announces resignation and appointment of a CEO. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-06-03 Corresponding to 1446-12-07 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Board of Directors of the United Cooperative Assurance Company resolved its decision issued by circulation on Thursday, 1st Muharram 1447 H, corresponding to 25 June 2025 and approved extending the services and employment of Mr. Mohammed bin Mohammed Said Basrawi, the company’s CEO, as to enable him to lead the company’s executive management team in the next phase. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not Applicable |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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