Allied Cooperative Insurance Group Announces an update on Allied Cooperative Insurance Group - ACIG announces the signing of a non-binding Memorandum of Understanding with Amana Cooperative Insurance Company.

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Introduction	With reference to the announcement of Allied Cooperative Insurance Group - ACIG via Tadawul website on 08-02-1444 AH corresponding to 04-09-2022 AD, related to the announcement of Allied Cooperative Insurance Group - ACIG that it had signed a non-binding memorandum of understanding with Amana Cooperative Insurance Company on 07-02 -1444 AH corresponding to 03-09-2022 AD, in order to assess the feasibility of merging the two companies. The two companies will start the verification and examination process from the technical, financial, legal and actuarial aspects and enter into non-binding discussions regarding the details of the terms and conditions of the proposed merger.

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Explanation

Introduction

With reference to the announcement of Allied Cooperative Insurance Group - ACIG via Tadawul website on 08-02-1444 AH corresponding to 04-09-2022 AD, related to the announcement of Allied Cooperative Insurance Group - ACIG that it had signed a non-binding memorandum of understanding with Amana Cooperative Insurance Company on 07-02 -1444 AH corresponding to 03-09-2022 AD, in order to assess the feasibility of merging the two companies. The two companies will start the verification and examination process from the technical, financial, legal and actuarial aspects and enter into non-binding discussions regarding the details of the terms and conditions of the proposed merger.

Allied Cooperative Insurance Group - ACIG announces the appointment Alinma Investment Company on 15-03-1444 AH corresponding to 11-10-2022 AD, as a financial advisor to assess the company's financial position for the purposes of the feasibility of merging with Amana Cooperative Insurance Company. Previous Announcement Allied Cooperative Insurance Group - ACIG announces the signing of a non-binding Memorandum of Understanding with Amana Cooperative Insurance Company. Date of Previous Announcement on Tadawul's Website 2022-09-04 Corresponding to 1444-02-08 Percentage of fulfilled achievement Not applicable Event's Expected Completion Date Not applicable Reasons for Exceeding the Announced End Date Not applicable The costs associated with the event, and if they have changed or not with indication of the reasons. Not applicable Impact of the Delay on the Company's Financial Results Not applicable Additional Information The company will announce any future developments in this regard, if available

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