UCA confirms intention to submit Enaya merger offer

Logos of UCA and Saudi Enaya

United Cooperative Assurance Co. (UCA) confirmed intention to submit a merger offer for Saudi Enaya Cooperative Insurance Co. and proceed with the deal, according to a statement to Tadawul.  

The Saudi insurer indicated that no one could act in agreement with UCA on the merger deal. The company does not own any shares in Saudi Enaya and has no options to purchase such shares. 

UCA also pointed to not receiving any irrevocable undertakings from any party to vote in favor of the merger in the extraordinary general meeting (EGM). 

There are no indemnity arrangements in relation to UCA, Saudi Enaya or any person acting in agreement with the latter. 

Financial adviser, Alinma Investment, is not bound to provide confirmation that UCA has sufficient resources to complete the merger, as the deal value will not be settled in cash. 

UCA and Saudi Enaya signed, on May 31, a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 ordinary share for each issued share in Saudi Enaya for the benefit of eligible shareholders in the latter, datacompiled by Argaam showed. 

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