Salama Cooperative Insurance Company announced its entry into a binding merger agreement with the Saudi Enaya Cooperative Insurance Company on 14 August 2025m which Enaya will be merged into Salama and all of Enaya’s rights, liabilities, assets, and contracts will be subsumed by Salama in exchange for Salama’s issuance of eighteen million, eight hundred ninety-four thousand (18,894,000) new ordinary shares with a nominal value of ten (SAR 10) Saudi Riyals each in Salama to Enaya’s shareholders.
The expected timeline of the Merger will be included in the shareholders’ circular and offer document, which will be published after obtaining the necessary regulatory approvals.