Gulf Union Alahlia shareholders approve capital hike via SAR 229.5 mln rights issue

21/04/2022 Argaam
Logo of Gulf Union Alahlia Cooperative Insurance Co.

Logo of Gulf Union Alahlia Cooperative Insurance Co.

Shareholders of Gulf Union Alahlia Cooperative Insurance Co. approved the board’s recommendation to increase the company’s capital through a SAR 229.5 million rights issue, during the extraordinary general assembly meeting (EGM) held on April 20.

 

Capital Increase Highlights

Current capital

SAR 229.50 mln

Number of shares

22.95 mln shares

Capital increase %

100%

Capital after increase

SAR 458.95 mln

Number of shares after increase

60 mln shares

Driver

Support the company’s future plans, enhance solvency margin and boost investment income

Method

Offering 22.95 million shares through SAR 229.5 million rights issue

Eligibility date

April 20, 2022
 

Gulf Union Alahlia’s daily trading fluctuation limit after its capital raise via rights issue will be based on a share price of SAR 12.08 as of today, April 21, and the outstanding orders will be cancelled, the Saudi Exchange (Tadawul) said in a statement.

 

The company’s rights will be deposited into investor portfolios by April 25.

 

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