Gulf Union Alahlia appoints financial advisor for SAR 229.5 mln rights issue

31/10/2021 Argaam

Logo of Gulf Union Alahlia Cooperative Insurance Co.

Gulf Union Alahlia Cooperative Insurance Co.’s board appointed today, Oct. 31, Falcom Financial Services as a financial advisor to manage the company’s capital increase through rights issue of SAR 229.5 million, the insurer said in a statement to Tadawul.

 

Announcements will be made later upon submitting the request for capital increase to the Capital Market Authority (CMA) for approval.

 

Future developments will be announced in due course.

 

In October, Gulf Union Alahlia Cooperative Insurance Co.’s board recommended increasing the company’s capital through rights issue. The increase aims to support the company's future plans, enhance solvency margins and increase investment income.

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