Gulf General shareholders to vote on capital hike via SAR 300 mln rights issue on June 28

Gulf General Cooperative Insurance Co.'s shareholders will vote on the board’s recommendation on increasing capital through offering rights issue shares worth SAR 300 million, during the extraordinary general meeting (EGM) that will be held on June 28, 2021.

The capital hike aims to support the expansion of the company's activity, the company said in a bourse statement.

Shareholders will also vote on the board and auditor reports, as well as financial statements for 2020.

They will discuss appointing auditors to review Q2, Q3, and 2021, and Q1 2022 financial statements, and determining their fees.

Other agenda items include voting on discharging the board members from liability for 2020 and paying SAR 1.8 million as remuneration to the board for the same period.