Gulf Union Alahlia’s board recommends capital increase via SAR 229.5 mln rights issue

20/10/2021 Argaam

Logo of Gulf Union Alahlia Cooperative Insurance

Gulf Union Alahlia Cooperative Insurance Co.’s board recommended increasing the company’s capital, through rights issue of SAR 229.5 million, the insurer said in a statement to Tadawul.

 

The capital increase aims to support the company's future plans, enhance solvency margins and increase investment income, the statement noted.

 

The recommendation came during a board meeting on Oct. 19.

 

Shareholders on day of the extraordinary general assembly meeting (EGM), during which the capital increase is approved, are eligible. Also eligible are shareholders on record with Securities Depository Center (Edaa) on the second trading day following the EGM.

 

The capital increase is subject to approvals from Saudi Central Bank (SAMA), Capital Market Authority (CMA), other regulatory authorities, and the extraordinary general assembly.

 

Announcements will be made pertaining to the appointment of a financial advisor and the submission for the CMA’s approval.

 

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