Gulf Union's BOD recommends SAR 165 million capital raise through rights issue

Gulf Union Cooperative Insurance Company’s Board recommended SAR 165 million capital raise through a rights issue after obtaining the regulatory approvals.

The rights issue is limited to registered shareholders at the date of the extraordinary general assembly meeting, the company announced today on Tadawul.

The issuance price and number of shares to be issued will be determined after the extraordinary GA meeting. The capital raise is intended to support the company's growth and to strengthen and improve the solvency margin requirements.