Amana, ACIG scrap MoU to study potential merger

Logos of Amana Insurance and Allied Cooperative Insurance 

Amana Cooperative Insurance Co. and Allied Cooperative Insurance Group (ACIG) announced on Dec. 28 terminating the non-binding memorandum of understanding (MoU) they signed earlier and all related talks with regard their potential merger, based on the desire of both parties after conducting the necessary studies, according to two separate statements to Tadawul.

The termination will not have any material financial impact, they said.

The two companies agreed on September 2, 2023 to extend the MoU to evaluate a potential merger, for an additional six months from the expiration date, according to Argaam's data.

In September 2022, ACIG and Amana signed a non-binding MoU to evaluate a potential merger, Argaam earlier reported.