Amana Gulf committed to contribute in success of Amana Insurance, Saudi Enaya merger

Logo of Amana Cooperative Insurance Co.

Amana Gulf Insurance Co., which holds a 13.63% stake in Amana Cooperative Insurance Co., confirmed its commitment to contribute to the success of the merger between Amana Insurance and Saudi Enaya Cooperative Insurance Co. and develop the company to the benefit of its clients and shareholders.

In a statement, the insurer said that as a founding and senior shareholder of Amana Insurance, it considers the Capital Market Authority’s (CMA) approval on Amana's request to increase its capital for implementing the merger with Saudi Enaya as an important event that will allow both companies to implement the promising projects following the merger.

Last week, the CMA approved the request received from Amana Insurance to increase its capital from SAR 130 million to SAR 288.58 million by issuing 15.86 million ordinary shares to merge Saudi Enaya into Amana, according to data compiled by Argaam.

The Saudi Central Bank (SAMA) also issued its approval on the merger between the two insurers in November.

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