Gulf Union to deposit proceeds from fractional shares sale on Jan. 14, 2021

06/01/2021 Argaam

Gulf Union Cooperative Insurance Co. sold 5,453 fractional shares on Dec. 10, 2020 at SAR 19.87 per share for a total of SAR 108,326.48, the company said in a statement to Tadawul.

 

The funds are expected to be deposited into shareholders accounts on Jan. 14, 2021, the statement added.

 

Gulf Union was unable to distribute the funds during the period mentioned in the circular (30 days from the date of the merger’s effectiveness) due to a delay in completing the procedures for transferring the proceeds.

 

According to data compiled by Argaam, Gulf Union announced, on Dec. 6, 2020, the effectiveness of the merger resolution, pursuant to which all assets and liabilities of Al-Ahlia Insurance Co. will be transferred to Gulf Union by issuing new shares with no outstanding unsatisfied creditor objections.

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