Gulf General board recommends capital hike via SAR 300M rights issue

19/03/2024 Argaam
Logo ofGulf General Cooperative Insurance Co.

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co.'s board of directors recommended today, March 19, to increase the company’s capital through a SAR 300 million rights issue, according to a statement to Tadawul.

 

This capital increase aims to bolster Gulf General’s expansion and insurance operations, as well as enhance its financial solvency and investment portfolio.

 

For More IPOs

 

The capital top-up recommendation will be subject to the approval of the regulatory authorities and the extraordinary general meeting (EGM). A financial advisor will be appointed, and any relevant updates will be duly revealed, the statement added.

 

Shareholders of record on the EGM date, during which the capital increase is approved, and those registered with the Securities Depository Center Co. (Edaa) on the second day of trading following the EGM will be eligible for the increase.

 

Gulf General’s shareholders will discuss the board's recommendation on reducing capital by 40% from SAR 500 million to SAR 300 million during an EGM today, according to data compiled by Argaam.

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