Gulf General Cooperative Insurance Co.
Shareholders of Gulf General Cooperative Insurance Co. (Gulf General) approved the recommendation by the board of directors to increase the company's capital by offering rights issue worth SAR 300 million, during the extraordinary general assembly meeting (EGM) held on June 28.
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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 1 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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In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limits for Gulf General will be based on a share price of SAR 19.20. All outstanding orders will be cancelled.
Furthermore, Edaa will deposit the additional shares into the investors’ portfolios on July 1.
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