Gulf General issues shareholders’ circular on capital reduction

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. issued the shareholders’ circular with regard to the 40% capital cut to SAR 300 million.

  

The company said that board members affirmed, based on their knowledge and opinion, that reducing capital is in the interest of the company and shareholders.  

  

It added that the certified chartered accountant’s study revealed that there will be no impact of the capital reduction on the company’s obligations.

 

Details of Capital Reduction

Current Capital

SAR 500 mln

Current Number of Shares

50 mln

Capital Decrease%

40% 

New Capital

SAR 300 mln

New Number of Shares

30 mln

Reason

Restructuring capital to amortize SAR 200 mln accumulated losses 

Method

Canceling 20 mln shares at 0.4-for-1 share 

Date of Reduction

By the end of the second trading day after the EGM approval on the move 
 
Shareholders Circular Regarding the Reduction of the Company's Capital

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