Gulf General scraps capital hike plans, focuses on merger with Gulf Union AlAhlia

01/09/2024 Argaam

Gulf General scraps capital hike plans, focuses on merger with Gulf Union AlAhlia

Logos of Gulf General and Gulf Union AlAhlia

Gulf General Cooperative Insurance Co. said that its board of directors scrapped on Aug. 29 a previous recommendation on a rights issue.
In a statement to Tadawul, Gulf General added it will instead focus its effort and resources on the proposed merger with Gulf Union Al Ahlia Cooperative Insurance Co.
 

This decision will enhance the company’s competitive position, operational efficiency and overall market performance, serving the interests of all stakeholders.

 

Gulf General added that the related financial impact cannot be currently estimated and will be announced later.

 

Last March, Gulf General’s board proposed a SAR 300 million rights offering to raise the company’s capital, in order to support its expansion plans and insurance operations, boost solvency and investment portfolio, Argaam reported.

Both companies signed a memorandum of understanding in August 2023 for a potential merger.

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