Enaya’s shareholders to vote on merger with UCA on Dec. 5

14/11/2023 Argaam
Logos of Saudi Enaya Cooperative Insurance Co. and United Cooperative Assurance Co.

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.

 

Merger Details

Current Capital of UCA

SAR 400 mln

Current Number of Shares

40 mln

Current Capital of Enaya

SAR 230 mln

Current Number of Shares

23 mln

Number of Shares Issued for Merger

19.26 mln

Nominal Value

SAR 10 per share

Entitled Shareholders

Eligible shareholders of Enaya

UCA's Capital on Merger Completion

SAR 592.6 mln

Total Number of Shares on Merger Completion

59.26 mln

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.

 

For More Mergers and Acquisitions

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