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Saudi Enaya Cooperative Insurance and Salama Cooperative Insurance have signed a non-binding Memorandum of Understanding on 25 February 2025 concerning a possible merger.
The two Saudi insurers will conduct operational, technical, financial, legal and actuarial due diligence on the terms and conditions of the merger.
In case of mutual approval, the transaction will be carried out through an exchange of shares between the two companies.
The operation remains subject to the signature of a definitive merger agreement, the approval of the relevant authorities and the approval of the shareholders of both companies in question.
