CMA approves United Cooperative Assurance's capital increase

The Saudi Arabian Capital Market Authority (CMA) has approved United Cooperative Assurance's request to increase its share capital. As a result, the latter went from 400 million SAR (106.6 million USD) to 592.6 million SAR (157.9 million USD).

This share capital increase is part of United Cooperative Assurance's merger with Saudi Enaya Cooperative Insurance .

If the merger is finalized, Saudi Enaya's assets and liabilities will be transferred to United Cooperative Assurance. Saudi Enaya shares will then be delisted from the Tadawul stock exchange.

The deal is still pending approval by the shareholders of both companies.