Proposed merger between Amana Cooperative Insurance and Allied Cooperative Insurance

Amana Cooperative Insurance and Allied Cooperative Insurance have signed a memorandum of understanding for a possible merger.

Both companies will conduct technical, financial, legal and actuarial analyses on the terms and conditions of the merger. The valuation method will be based on the book value of the shareholders' equity.

The transaction is still pending the approval of the competent authorities as well as the shareholders of both companies.

The signature of the agreement follows the failure of the merger between Amana and Saudi Enaya. In January 2022, the Saudi Enaya shareholders rejected the terms of the deal proposed by Amana.