Gulf Union submits capital cut request to CMA

30/03/2017 Argaam

Gulf Union Cooperative Insurance Co.’s financial advisor, Alawwal Invest, on Thursday applied to the Capital Market Authority (CMA) for a capital reduction, the insurer said in a statement to Tadawul.

 

The insurer’s board of directors on March 21 recommended a 31.82 percent capital reduction to SAR 150 million from SAR 220 million.

 

The company will write off one share for every 3.14286 shares held, Argaam reported earlier. 

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