Gulf General says CMA’s approval of capital cut conditional on EGM decision

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. said the Capital Market Authority’s (CMA) nod to its capital reduction request is conditional on the approval of the extraordinary general meeting (EGM) and fulfillment of the regulatory procedures.

The paperwork required for convening the EGM will be finalized in cooperation with the relevant authorities, Gulf General said in a statement to Tadawul today, Dec. 31.

The shareholders’ circular regarding the capital reduction will be published prior to the EGM.

Any material updates will be duly announced, the statement added.

The CMA recently approved the insurance services provider’s application to cut capital from SAR 500 million to SAR 300 million. The total number of shares will in turn decrease to 30 million from 50 million, Argaam earlier reported.