Gulf General rights trading period ends today

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. rights trading period ends today, July 12.

Rights trading started on July 5, to increase the company’s capital from SAR 200 million to SAR 500 million, through a rights issue of 30 million shares at SAR 10 per share.

Rights issue subscription period, which also started on July 5, will end on July 15ز

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

Details of Capital Hike
Current Capital	SAR 200 mln
Number of Shares	20 mln
Capital Hike	150%
Capital After Increase	SAR 500 mln
Number of Shares After Increase	50 mln

Key Figures in Rights Issue
Number of Offered Shares	30 mln
Offering Price	SAR 10
Issue Size	SAR 300 mln
Rights trading period	From July 5 to July 12, 2021
Subscription period	From July 5 to July 15, 2021
Record Date	June 28, 2021 (Shareholders of record on the day of the EGM, during which the capital increase was discussed, along with those on record on the second trading day following the EGM)
Use of proceeds	Investments and financial deposits	SAR 262.5 mln
	Increasing the statutory deposit	SAR 30 mln
	Issue expenses	SAR 6 mln
	Upgrading the offices of headquarters and electronic systems	SAR 1.5 mln

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