Amanah Cooperative Insurance Company stated that the general assembly approved the provisions of the merger agreement concluded between Amana and Enaya, provided that the capital will be increased from 130 million riyals to 288.58 Million riyals.
According to Arab Net, the company stated in a statement, that this comes in compliance with the terms and conditions of the merger agreement, provided that this increase will take effect upon the entry into force of the merger in accordance with the provisions of the Companies Law and the merger agreement.
The General Assembly also approved the proposed amendments to the Articles of Association of Amana Company in accordance with the formula shown in Annex (1) to this invitation, provided that these amendments shall take effect immediately, and authorize the Board of Directors of Amana Company, or any person authorized by the Board of Directors, to issue any decision or take any Action that may be necessary to implement any of the above-mentioned decisions.
She indicated that the merger will be effective after fulfilling all its conditions, including the approval of the shareholders of the Saudi Enaya Cooperative Insurance Company, as well as the condition related to the creditors' objection period in accordance with the merger agreement and the provisions of Article (193) of the Companies Law and as explained in the shareholders' circular.
In a separate statement, Enaya Insurance Company announced that the General Assembly rejected the offer submitted by Amana Company for the purpose of merging Saudi Enaya Insurance Company into Amana Cooperative Insurance Company.
Enaya said that the general assembly rejected the provisions of the merger agreement concluded between the Saudi Enaya Insurance Company and Amana Cooperative Insurance Company on April 29, 2021.
According to the statement, Enaya shareholders decided not to accept the offer submitted by Amana Cooperative Insurance Company for the purpose of merging Saudi Enaya Insurance Company into Amana Cooperative Insurance Company in accordance with the provisions of Articles (191) to (193) of the Companies Law, by issuing (1,057) shares in a company. Amana Insurance for every one (1) share in the Saudi Enaya Insurance Company and the expiry of the Saudi Enaya Insurance Company as a result, in accordance with the relevant statutory requirements and the terms and conditions of the merger agreement.
The General Assembly decided not to authorize the Board of Directors of the Saudi Enaya Cooperative Insurance Company, or any person authorized by the Board of Directors, to issue any decisions or take any action that may be necessary to implement any of the aforementioned decisions.
