Gulf General hires Alinma Investment as financial advisor on rights issue

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. appointed Alinma Investment Co. as financial advisor on its rights issue, according to a statement to Tadawul today, May 9.

The company will provide additional updates upon submission of the capital increase application to the Capital Market Authority (CMA) and will also disclose any future developments in this regard, the statement added.

For More IPOs

Last March, the company's board of directors recommended increasing capital by SAR 300 million through a rights issue, according to Argaam's data.

Shareholders approved the board’s proposal to cut capital by 40% from SAR 500 million to SAR 300 million through canceling 20 million shares, during the extraordinary general meeting (EGM) held in March.