Gulf Union deposits proceeds from fractional shares sale

Gulf Union Cooperative Insurance Co. completed today, Jan. 14, 2021, depositing the proceeds from selling fractional shares resulting from the company's capital increase due to the merger in the bank accounts of eligible shareholders, according to a bourse filing.

The company sold 5,453 fractional shares on Dec. 10, 2020, at SAR 19.87 per share for a total of SAR 108,326.48.

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.