Gulf General files for regulatory approval on capital cut

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. filed on Nov. 28 for the Capital Market Authority’s (CMA) approval on a capital reduction request, according to a statement to Tadawul.

 

The Saudi insurer indicated that it will duly unveil any relevant updates.

 

The insurer’s board of directors recommended this month a capital reduction by 40% from SAR 500 million to SAR 300 million through cancelling 20 million shares, or 0.4 share for each existing share, data compiled by Argaam showed.

 

The company recently received a no-objection letter from the Saudi Central Bank (SAMA) allowing a SAR 200 million capital cut.

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