Gulf General gets SAMA nod on capital hike through rights issue

02/07/2019 Argaam

 

Saudi Arabian Monetary Authority (SAMA) on Tuesday approved Gulf General Cooperative Insurance Co. request to increase its capital to SAR 500 million through a SAR 200 million rights issue.

 

The capital hike is pending fulfilling all other regulatory requirements. 

 

In April, Gulf General Cooperative Insurance Co.’s board of directors recommended a capital hike through a SAR 200 million rights issue to support the company’s expansions, Argaam reported earlier.

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