Amana Insurance and Enaya Extend Fulfilling Merger Preconditions Agreement to 12 Months

Amana for Cooperative Insurance Company and Saudi Enaya for Cooperative Insurance announced on Thursday that they signed a deed of variation to the merger agreement.

The two companies agreed to amend the date of satisfying the conditions precedent so that such date would be twelve months as of the date of signing the agreement instead of six months, and therefore the longstop date for satisfying the conditions precedent shall be twelve months as of the date of signing the agreement.

This comes in reference to the announcement made by Saudi Enaya for Cooperative Insurance Co.  published on Tadawul website dated 02/05/2021 in connection with Enaya signing a binding merger agreement to merge with Amana for Cooperative Insurance Co. (the “Agreement”), and with reference to the conditions precedent section of the agreement which stipulates that the conditions precedent should be satisfied within six months as of the date of signing the agreement.