Gulf Union submits capital raise requirements

01/04/2015 Argaam
Gulf Union Cooperative Insurance said on Wednesday that it has fulfilled all regulatory requirements set by the Saudi Arabian Monetary Agency (SAMA) for its capital raise.
 
The insurer said it submitted all documents, including a written statement from main shareholders to attend the general assembly meeting to vote on the proposed raise.
 
Last May, the company’s board decided to upgrade its capital raise recommendation from SAR 165 million to SAR 220 million through a rights issue.

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