Gulf General rights issue 72.39% subscribed

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. announced, in a bourse filing today, July 25, the results of subscription to its priority issue, as follows:

The company said that remaining unsubscribed shares will be re-offered to institutional investors, adding that shares will be allotted to the highest bids (on condition they are not less than offer price). Allotment will be carried out pro rata to investment institutions that offer the same bids. In case of unpurchased shares, they will be allotted to the underwriter that will purchase them at offer price.

Remaining unsubscribed shares, which amount to 8.28 million, will be re-offered during the period July 27-28, the company added.

The period of subscribing to priority shares ended on July 15, according to Argaam's data.

During the subscription period, which began on July 5, the company offered 30 million shares at SAR 10 each, totaling SAR 300 million, to increase capital from SAR 200 million to SAR 500 million.

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