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Amana Cooperative Insurance Company announces signing a Non-Binding Memorandum of Understanding with Allied Cooperative Insurance Group (ACIG)

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Introduction Amana Cooperative Insurance Company announces the signing of a non-binding Memorandum of Understanding (the “MOU”) with Allied Cooperative Insurance Group (ACIG) on 07/02/1444H corresponding to 03/09/2022G to evaluate a potential merger between the two companies. Both companies will conduct technical, financial, legal and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger.

The two companies have initially agreed that the methodology used for valuation will be based on equity book value (after any mutually agreed due diligence adjustments).

Memorandum Signing Date 2022-09-03 Corresponding to 1444-02-07
Counterparty Allied Cooperative Insurance Group (ACIG)
Memorandum Subject Evaluation of a potential merger between Amana Cooperative Insurance Company and Allied Cooperative Insurance Group (ACIG).
Memorandum Duration The MOU would expire on the earlier of the signing of the merger agreement or after 12 months of signing the MOU.
Related Parties Not Applicable
Financial Impact Amana Cooperative Insurance Company will continue to announce any material developments regarding the proposed merger in accordance with the relevant laws and regulations.

Meanwhile, Amana Cooperative Insurance Company intends to continue to conduct business as usual until completion of the proposed merger.

Additional Information The proposed merger is subject to the completion of due diligence to the parties’ satisfaction, agreement on final terms and conditions of the merger agreement, and the approval of the competent authorities and the general assemblies of Amana Cooperative Insurance Company and Allied Cooperative Insurance Group (ACIG). The entry into the MOU does not mean that the proposed merger will be agreed between the two companies.

Further announcements will be made when appropriate.

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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