Tadawul sets fluctuation limit for Gulf Union after capital cut

Gulf Union Cooperative Insurance Co.’s fluctuation limit after capital reduction will be based on a share price of SAR 18.01, the Saudi Stock Exchange (Tadawul) said in a statement Sunday.

Meanwhile, the insurer’s shares will be suspended for two business days, starting Sunday, May 21 until the Securities Depository Center (Edaa) reflects the capital cut on shareholders’ portfolios.

The insurer’s extraordinary general assembly approved on May 18 cutting capital by 31.82 percent to SAR 150 million, from SAR 220 million.

The company will write off 7 million shares under the capital cut.