Logo of Gulf General Cooperative Insurance Co. (Gulf General)
Gulf General Cooperative Insurance Co.’s (Gulf General) shareholders are set to vote on cutting the company’s capital by 40%, during the extraordinary general meeting (EGM) that will be held on Jan. 29, as the following table illustrates:
|
Capital Reduction Details |
|
|
Current Capital |
SAR 500 mln |
|
Number of Shares |
50 mln |
|
Percentage of Reduction |
40% |
|
New Capital |
SAR 300 mln |
|
Number of Shares |
30 mln |
|
Reason |
Restructuring capital to offset SAR 200 mln accumulated losses |
|
Method |
Writing off 20 mln shares at a rate of 0.4 share per share held |
|
Date |
Second trading day following the EGM’s approval |
The reduction resolution shall be effective on the eligible shareholders who are holding shares on day of convening EGM and who are registered in the shareholders registry with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM, in which the capital reduction was decided, according to a statement to Tadawul.
The capital reduction will not materially affect Gulf General’s commitments, operations, financial or operational performance, or regulatory compliance, nor will it alter any shareholder's stake, the company added.
Shareholders will also vote on other items on the meeting’s agenda, including amending Article 8 of the company’s bylaws related to capital.
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