Enaya, Salama Receive No-Objection from GAC on Merger Deal

Saudi Enaya Cooperative Insurance Co. (Enaya) and Salama Cooperative Insurance Co. (Salama) announced on Sunday that they received a no-objection from the General Authority for Competition (GAC) regarding the economic concentration resulting from their proposed merger.

The companies stated in a statement on the Saudi Stock Exchange (Tadawul) that the merger is still under review and that no binding agreement has yet been signed. They added that the completion of the merger remains subject to several conditions, including approvals from the Insurance Authority, the Capital Market Authority, Tadawul, and the shareholders of both companies.