Logos of Saudi Enaya Cooperative Insurance Co. and United Cooperative Assurance Co.
Shareholders of Saudi Enaya Cooperative Insurance Co. (Enaya) will vote on United Cooperative Assurance Co.’s (UCA) merger proposal, involving the issuance of 19.26 million new UCA shares during the extraordinar general meeting (EGM) scheduled for Dec. 5.
The agenda covers voting on Enaya and UCA’s merger terms and authorizing the board or its appointee to execute decisions and actions needed for implementing the agreed terms, the company said in a statement to Tadawul.
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Merger Details |
|
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Current Capital of UCA |
SAR 400 mln |
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Current Number of Shares |
40 mln |
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Current Capital of Enaya |
SAR 230 mln |
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Current Number of Shares |
23 mln |
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Number of Shares Issued for Merger |
19.26 mln |
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Nominal Value |
SAR 10 per share |
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Entitled Shareholders |
Eligible shareholders of Enaya |
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UCA's Capital on Merger Completion |
SAR 592.6 mln |
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Total Number of Shares on Merger Completion |
59.26 mln |
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Ownership of Enaya Shareholders on Merger Completion |
32.50% |
Enaya and UCA signed a binding merger agreement last May, according to Argaam’s data.
Enaya recently issued a board circular in line with Article 39 of Merger and Acquisition Regulations, detailing the board's view on the merger offer to its shareholders.
UCA also released a shareholders' circular, the offer document, and a timeline outlining the main steps to complete the merger, focusing on the capital increase for merging Enaya into the company.
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