Riyadh – Mubasher: The extraordinary general meeting (EGM) of Saudi Enaya Cooperative Insurance Company rejected the merger offer submitted by United Cooperative Assurance Company, while the latter’s shareholders approved merging into Saudi Enaya, according to separate bourse disclosures.
The offer included issuing 19.26 million new shares by United Cooperative in exchange for the entire shares of Saudi Enaya.
United Cooperative's Capital Raise
Meanwhile, the stakeholders of United Cooperative approved in their latest EGM meeting the capital hike to facilitate the merger with Saudi Enaya.
The capital will increase from SAR 400 million to SAR 592.6 million by issuing new shares representing 48.15% of the current capital to Saudi Enaya’s shareholders.
Saudi Arabia’s Capital Market Authority (CMA) earlier approved the SAR 192.60 million capital increase process for the merger transaction.
It is worth noting that in the first nine months (9M) of 2023, Saudi Enaya posted a net profit of SAR 20.76 million before Zakat, while United Cooperative incurred a net loss of SAR 7.08 million.
