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Dec 2022

Saudi Arabia: Amana explores another merger opportunity

Source: Middle East Insurance Review | Oct 2022

Amana Cooperative Insurance Company has announced the signing of a non-binding MoU with Allied Cooperative Insurance Group (ACIG) on 3 September 2022 to evaluate a potential merger between the two companies.
 
Both companies will conduct technical, financial, legal and actuarial due diligence and engage in non-binding discussions on the terms and conditions of the potential merger, the two parties said in separate statements.
 
The companies have initially agreed that the methodology used for valuation will be based on equity book value (after any mutually agreed due diligence adjustments).
 
The proposed merger is subject to the completion of due diligence to the parties’ satisfaction, agreement on the final terms and conditions of the merger agreement, as well as the approval of the competent authorities and the shareholders of each company.
 
The signing of the MoU followed a failed merger bid between Amana and Saudi Enaya. In January 2022, shareholders of Amana approved the merger proposal. However, shareholders of Saudi Enaya turned down the terms of the merger offered by Amana, according to bourse statements. M 
 
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