Salama Cooperative Insurance Company has announced on the Saudi Stock Exchange that the Insurance Authority has granted its approval for the insurer's merger with Enaya Saudi Cooperative Insurance Company.
Salama notes that the completion of the merger remains subject to a number of other conditions that have not yet been satisfied, including obtaining the approval of the Capital Market Authority and the approval of the shareholders of both companies.
Under the merger agreement with Enaya, the latter will merge into Salama, transferring all its rights, obligations, assets, and contracts to Salama. In return, Salamah will issue 18.8m ordinary shares, each with a nominal value of SAR10 ($2.67), to Enaya’s shareholders.