Gulf Union shareholders to vote on capital hike on Jan. 27

06/01/2019 Argaam

Gulf Union Cooperative Insurance Co.’s shareholders are set to vote on a proposed capital hike to SAR 241.94 million from SAR 150 million by issuing 9.194 million ordinary shares, on Jan. 27, 2019, the company said in a bourse statement.

 

The step aims to acquire all the shares of Al-Ahlia Insurance Co. through securities exchange.

 

Key Figures of Capital Hike

Current Capital

SAR 150 mln

Number of shares

15 mln

Hike (%)

61.3%

New Capital

SAR 241.94 mln

New number of shares

24.19 mln

Record date

After the end of Al Ahlia’s creditors objection period

 

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