Saudi Arabia: Shareholders object to merger between Amana and Saudi Enaya

Source: Middle East Insurance Review | Feb 2022

A merger bid by Amana Cooperative Insurance (Amana) and Saudi Enaya Cooperative Insurance (Saudi Enaya) has fallen through. Shareholders of Amana had approved the merger proposal. However, shareholders of Saudi Enaya turned down the terms of the merger offered by Amana, according to bourse statements. The voting was carried out at an extraordinary general meeting by each insurer on 9 January.

Under the merger deal that was signed in April 2021, Saudi Enaya’s assets and liabilities would have been transferred to Amana. Post-merger ownership would be a 55% stake in the merged entity for shareholders of Saudi Enaya and the remaining 45% for shareholders of Amana, as announced in a bourse filing last year. M

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