Addendum Announcement from United Cooperative Assurance Co. in regards to the latest developments related to signing a non-binding agreement with Saudi Enaya Cooperative Insurance Company

2023-03-19 15:55:15

Element ListExplanation
Introduction In reference to the announcement made by The United Cooperative Assurance Company on the Tadawul website on 12 Jumada I 1444H corresponding to 06 December 2022 regarding signing a Nonbinding Memorandum of Understanding for the Evaluation of a potential merger with Enaya Cooperative Insurance Co.
Date of Posting the Previous Announcement of Development on Tadawul's Website 2022-12-06 Corresponding to 1444-05-12
Hyperlink to the Previous Announcement Click Here
Change on the Development The United Cooperative Insurance Co. would like to announce the issuance of the General Authority for Competition’s decision of no objection to an Economic Concentration process through the company’s merger with Saudi Enaya Cooperative Insurance Company, a Saudi joint stock company (“Saudi Enaya Company”). United Cooperative Insurance Co. also confirms that no related parties are attached to the merger deal and will further announce any developments in this regard.
Financial Impact on the change There is no financial impact.