‎CMA approves UCA capital hike to merge with Saudi Enaya

‎CMA approves UCA capital hike to merge with Saudi Enaya

The Capital Market Authority (CMA) approved United Cooperative Ansurance Co.'s (UCA) request to increase its capital from SAR 400 million to SAR 592.61 million by issuing 19.26 million ordinary shares, the market regulator said in a statement today, Oct. 30.

The move aims to merge Saudi Enaya Cooperative Insurance Co. with UCA, as well as transfer the former's assets and liabilities to the latter through a share swap deal.

The capital increase shareholders’ circular will be published within sufficient time before UCA's extraordinary general meeting (EGM). The circular should include all relevant information that shareholders need to know before making an informed decision when voting on the move.

The CMA also approved the proposed offer timetable and the publication of the offer document by UCA to Saudi Enaya’s shareholders to merge the two insurers through a share swap deal.

The offer document of UCA will be published to Saudi Enaya’s shareholders within sufficient time before Saudi Enaya’s EGM. The offer document should include all relevant information that shareholders need to know before making an informed decision when voting on the move, including the offer information and risk factors.

If UCA’s shareholders approve the capital increase, and Saudi Enaya’s accept the offer in their EGMs, the