Logo of Gulf General Cooperative Insurance Co.
Gulf General Cooperative Insurance Co. filed on Nov. 28 for the Capital Market Authority’s (CMA) approval on a capital reduction request, according to a statement to Tadawul.
The Saudi insurer indicated that it will duly unveil any relevant updates.
The insurer’s board of directors recommended this month a capital reduction by 40% from SAR 500 million to SAR 300 million through cancelling 20 million shares, or 0.4 share for each existing share, data compiled by Argaam showed.
The company recently received a no-objection letter from the Saudi Central Bank (SAMA) allowing a SAR 200 million capital cut.
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