Saudi Enaya and Amana: MoU for a possible merger

Saudi Enaya Cooperative Insurance and Amana Cooperative Insurance have signed a non-binding Memorandum of Understanding (MoU) for a potential merger. The agreement is to last twelve months.

The two companies will conduct technical, financial, legal and actuarial due diligence on the terms and conditions of the transaction. The valuation methodology is based on equity book value. In the event of an agreement, the merger will be carried out by an exchange of shares between the two companies.

Initial discussions to study the merger of Saudi Enaya and Amana started in October 2020.