Amana and ACIG announce appointment of AlJazira Capital and Alinma Investments as financial advisors to assess feasibility of merging two companies

Amana Cooperative Insurance Company announced on Wednesday that it has appointed Al-Jazira Capital Markets as a financial advisor for the proposed merger with the United Group for Cooperative Insurance (ASIG).
ASIG also announced the appointment of Alinma Investment on 10/11/2022 as a financial advisor to assess the company’s financial position for the purposes of the feasibility of merging with Amana Cooperative Insurance.
The two companies will start the verification and examination process from the technical, financial, legal and actuarial aspects and enter into non-binding discussions regarding the details of the terms and conditions of the proposed merger.
This comes in reference to the two companies’ announcement on the Saudi Stock Exchange (Tadawul) website on 04/09/2022 that they had signed a non-binding memorandum of understanding to assess the feasibility of merging the two companies.