Gulf General EGM to vote on 40% capital reduction to SAR 300M on March 19

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co.'s shareholders will discuss the board's recommendation on reducing capital by 40% from SARA 500 million to SAR 300 million, during the extraordinary general meeting (EGM) slated for March 19.

 

The capital reduction will be carried out through canceling 20 million shares, at 0.4 share to one share, according to a filing to Tadawul.

 

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 
 

The capital reduction will not have a significant impact on the insurer's obligations, operations, or financial, operating or regulatory performance, the company said, adding that shareholders' ownership will not be affected by the capital reduction. 

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