Gulf Union’s strategic partner obtains SAMA’s approval for selling IPO rights

28/09/2014 Argaam

The Saudi Arabian Monetary Agency (SAMA) issued its no objection letter for the strategic partner of Gulf Union Cooperative Insurance Company to sell its IPO rights in the company’s capital raise.

Gulf Union however has to provide SAMA with some necessary documents before November 13, 2014 in order to be eligible for the capital raise approval; the company said on its filing to Tadawul today.

According to Argaam; The Company’s board decided in May increasing the capital raise recommendation from SAR 165m to SAR 220m.

SAMA told the company that it is looking forward for the company’s reconsideration of the capital raise amount in order to meet its solvency margin.

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