Saudi Enaya Cooperative Insurance Co. Announces an update on Saudi Enaya Cooperative Insurance Company announces signing a Binding Merger Agreement with Amana Cooperative Insurance Company
|Introduction ||Further to the announcement made by Saudi Enaya Cooperative Insurance Co. (“Enaya”) published on Tadawul website dated 20/09/1442H corresponding to 02/05/2021G in connection with Enaya signing a binding merger agreement to merge with Amana Cooperative Insurance Co (“Amana”). Pursuant to which Enaya and Amana have agreed to take the necessary steps to implement a merger between the two firms in accordance with the Companies Law and the Merger and Acquisition Regulations issued by the Capital Market Authority (the “Merger”), and whereas the CMA has issued its approval dated 02/05/1443H (corresponding to 06/12/2021G) in respect of Amana’s application to increase its share capital for the purpose of the merger of ENAYA into Amana through a securities exchange offer. |
Therefore, ENAYA is pleased to announce the publication of ENAYA’s Board of Directors’ Circular (“Circular”) relating to the Merger in accordance with the requirements of Article 39 of the Merger and Acquisition Regulations issued by the Board of the CMA which includes ENAYA’s Board of Directors’ opinion in respect of the offer addressed to the shareholders of ENAYA for the purpose of merging ENAYA in Amana, in addition to the independent advice provided to the ENAYA’s Board of Directors by BMG which has been appointed as the financial advisor in connection to the Merger.
Amana has also published the following documents earlier today:
1. The Offer Document to Enaya’s shareholders (“Offer Document”) which includes all the details related to the offer by Amana to ENAYA’s shareholders for the purpose of merging Enaya into Amana in consideration for Amana issuing new shares to Enaya’s shareholders prepared in accordance with Article (38) of the Merger and Acquisition Regulations.
2. Amana’s Shareholders Circular in relation to increasing Amana’s share capital for the purpose of merging Enaya into Amana in consideration for Amana issuing new shares to Enaya shareholders prepared in accordance with the Rules on the Offering of Securities and Continuing Obligations issued by the Board of the CMA.
3. Transaction Timeline The Transaction Timeline sets out the proposed dates for the main events for the implementation of the Merger, in accordance with the requirements of Article 17(c) of the Merger and Acquisitions Regulations.
|Previous Announcement ||Saudi Enaya Cooperative Insurance Company announces signing a Binding Merger Agreement with Amana Cooperative Insurance Company |
|Date of Previous Announcement on Tadawul's Website ||2021-05-02 Corresponding to 1442-09-20 |
|Percentage of fulfilled achievement ||Not applicable |
|Event's Expected Completion Date ||Not applicable |
|Reasons for Exceeding the Announced End Date ||Not applicable |
|The costs associated with the event, and if they have changed or not with indication of the reasons. ||Not applicable |
|Impact of the Delay on the Company's Financial Results ||Not applicable |
|Additional Information ||Not applicable |
|Attached Documents|| |
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