United Cooperative Assurance Company entered into a non-binding Memorandum of Understanding to acquire Saudi Enaya Cooperative Insurance Company for approximately SAR240 million.

United Cooperative Assurance Company (SASE:8190) entered into a non-binding Memorandum of Understanding to acquire Saudi Enaya Cooperative Insurance Company (SASE:8311) for approximately SAR240 million on December 5, 2022. Saudi Enaya Cooperative Insurance Company entered into an agreement to acquire United Cooperative Assurance Company for approximately SAR240 million on May 31, 2023. General Authority for Competition?s decision of no objection to an Economic Concentration process through merger transaction of Saudi Enaya Cooperative Insurance Company with the United Cooperative Assurance company?s. As of October 15, 2023, SAMA approved the transaction between United Cooperative Assurance Company and Saudi Enaya Cooperative Insurance Company.Alinma Investment Company acted as Financial advisor to Saudi Enaya Cooperative Insurance Company