Gulf Union Cooperative Insurance Co.’s shareholders have approved a capital hike to SAR 241.94 million from SAR 150 million by issuing 9.194 million ordinary shares, the company said in a bourse statement.
The step aims to acquire all the shares of Al Ahlia Insurance Co. through securities exchange.
Gulf Union will issue the new shares after the end of Al Ahlia’s creditors objection period which starts the day following Al Ahlia’s general assembly meeting and continues for 30 days.
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Key Figures of Capital Hike |
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Current Capital |
SAR 150 mln |
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Number of shares |
15 mln |
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Hike (%) |
61.3% |
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Method |
Issuing 9.19 mln ordinary shares to Al Ahlia shareholders |
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New Capital |
SAR 241.94 mln |
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New number of shares |
24.19 mln |
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Deriver |
To acquire all the shares of Al Ahlia Insurance Co. through securities exchange. |
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Record date |
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