CMA greenlights Gulf General’s capital cut to SAR 300M

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. announced today, Dec. 28, the approval of the Capital Market Authority (CMA) on its request to cut capital from SAR 500 million to SAR 300 million, thus reducing the number of shares from 50 million to 30 million.

In a statement, the market regulator said its decision is conditional on the company's extraordinary general assembly (EGM) approval and completion of the necessary procedures related to the applicable regulations.

The CMA’s approval of the company’s request to reduce its capital should not be seen as an endorsement of the move’s feasibility. It merely means that the regulatory requirements were met in accordance with the Capital Market Law and its executive regulations.