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United Cooperative Assurance Co. Announces an update on United Cooperative Assurance Company announced signing a Memorandum of Understanding with Arabia Insurance Cooperative Company to evaluate a potential merger between the two companies.
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement made by United Cooperative Assurance Company (“UCA” or the “Company”) on the Saudi Exchange website on 23/12/1446H (corresponding to 19/06/2025G) in relation to its entry into a non-binding Memorandum of Understanding (“MOU”) with Arabia Insurance Cooperative Company (“AICC”) pursuant to which both companies will conduct technical, financial, tax, legal, and actuarial due diligence related to the potential merger between the two companies (the “Proposed Merger”). Pursuant to the termination agreement executed by the parties on 15/09/1447H (corresponding to 04/03/2026G), UCA announces the termination of the MOU and all negotiations related to the Proposed Merger based on the mutual consent of both parties. |
| Previous Announcement | United Cooperative Assurance Company announced signing a Memorandum of Understanding with Arabia Insurance Cooperative Company to evaluate a potential merger between the two companies. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-06-19 Corresponding to 1446-12-23 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The termination of the MOU and all negotiations related to the Proposed Merger with AICC, based on the mutual agreement by the parties. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | The Company incurred the costs of the advisers, and the costs of the application to the General Authority for Competition. |
| Additional Information | None |
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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