Gulf Union AlAhlia gets SAMA nod for capital increase

05/12/2021 Argaam

Logo of Gulf Union AlAhlia Cooperative Insurance Co.

Gulf Union AlAhlia Cooperative Insurance Co. received, on Dec. 2, Saudi Central Bank’s (SAMA) approval to increase the company’s capital from SAR 229.4 million to SAR 458.9 million through a rights issue.

 

The insurer should fulfill all the requirements of other official authorities, Gulf Union AlAhlia said in a statement to Tadawul.

 

SAMA’s approval is valid for one year from the abovementioned date.

 

The capital increase process will be completed when the related paperwork is finalized.

 

The company will make a disclosure later when the capital increase application is submitted to the Capital Market Authority (CMA).

 

In October, Gulf Union AlAhlia board recommended increasing the company’s capital, through rights issue of SAR 229.5 million, Argaam reported.

 

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