GUCIC receives regulatory notice on planned capital increase

18/08/2014 Argaam

Gulf Union Cooperative Insurance Company (GUCIC) received a correspondence from Saudi Arabian Monetary Agency (SAMA) containing regulatory requisites for approving its planned capital increase, as follows:

  1. The general assembly meeting’s minutes including the approval of financial statements of 2013.
  2. Written commitment from the strategic partner confirming support to the capital increase.
  3. Written commitment from the strategic partner to take part in the extraordinary general assembly’s capital increase voting session.

The company’s board decided in May to raise the size of a proposed capital increase from SAR 165 million to SAR 220 million pending regulatory approvals.

The company said in a filing to Tadawul it will provide such documentations on October 27, 2014.

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