Logo of Gulf Insurance Group (GIG)
Gulf Insurance Group’s (GIG) shareholders will vote on the board’s recommendation to increase capital by 5% via a 1-for-20 bonus issue, during the extraordinary general meeting (EGM) scheduled for Nov. 16, as indicated in the table below:
|
Capital Increase Details |
|
|
Current Capital |
SAR 500 mln |
|
Number of Shares |
50 mln |
|
Percentage of Increase |
5% (1-for-20 bonus issue) |
|
New Capital |
SAR 525 mln |
|
New Number of Shares |
52.5 mln |
|
Reasons |
Strengthening the company's capital base to enhance growth rates and business expansion |
|
Method |
Capitalizing SAR 25 mln from retained earnings |
|
Record Date |
Nov. 16, 2023 (Shareholders of record and shareholders registered with Edaa on the second trading day following the EGM) |
Fractional shares, if any, will be consolidated into a single portfolio to be sold at market price and distributed to eligible shareholders for the bonus issue within 30 days from the date of determining the new shares, the company said in a Tadawul statement.
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