Gulf General Cooperative Insurance Co. (Gulf General) unveiled the prospectus for its capital increase through offering rights issue shares worth SAR 300 million.
The company said that the increase represents 150%, so the capital after increase will hit SAR 500 million.
Shareholders will vote on the board’s recommendation on the capital increase, during the extraordinary general meeting (EGM) that will be held on June 28.
The capital hike aims to support the expansion of the company's activity, in line with requirements of financial solvency.
This will be carried out through using the rights issue proceeds in investments and financial deposits, as well as increasing the statutory deposit by 10% of total proceeds, and renovating offices in the headquarters and electronic systems.
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Capital Hike Details |
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Capital |
SAR 200 mln |
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Number of shares |
20 mln |
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Capital hike percentage |
150% |
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Capital after increase |
SAR 500 mln |
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Number of shares after increase |
50 mln |
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Rights Issue Details |
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Number of shares offered |
30 mln |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 300 mln |
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Rights coefficient |
Each listed shareholder will have the right to subscribe to 1.5 shares for each share owned. |
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Record date |
Shareholders who own the shares by the end of trading on the date of the EGM, and of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
Investments and financial deposits |
SAR 262.5 mln |
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Increasing the statutory deposit |
SAR 30 mln |
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Issue expenses |
SAR 6 mln |
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Upgrading the offices of headquarters and electronic systems |
SAR 1.5 mln |
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