Gulf General’s accumulated losses reach 20.7% of capital

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. announced, in a bourse filing, accumulated losses decreased from 42.13% to 20.70 % of its capital as of Sept. 30, 2021.

Accumulated losses amounted to SAR 103.5 million.

The decrease is due to the company's capital hike from SAR 200 million to SAR 500 million through rights issue. This led to a decrease in the percentage of accumulated losses from 42.13% on June 30, 2021 to 20.7% on Sept. 30, 2021.

Subscription for the company's rights issue shares ended on July 15. Subscription to new shares began on July 5, to increase capital from SAR 200 million to SAR 500 million. The company offered 30 million shares at SAR 10 per share, according to Argaam's data.