Logo of Gulf Union Alahlia Cooperative Insurance
Gulf Union Alahlia Cooperative Insurance Co. (Gulf Union Alahlia) announced the measures to be taken and the timeframe, after its accumulated losses reached 51.13% of capital.
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Measures After Announcing Accumulated Losses |
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Announcement of accumulated losses reaching 50% or more of capital |
May 17, 2021 |
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Notifying board of directors of accumulated loss |
May 10, 2021 |
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Deadline to call extraordinary general assembly meeting (EGM) as per Article 150 of the Companies Law |
July 8, 2021 |
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Deadline for convening the EGM |
Nov. 5, 2021 |
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If EGM not called within 45 days after board was notified of the losses or if no decision is taken at the EGM |
According to the Royal Decree No. 15016, and according to Decision No. 348 issued by the Minister of Commerce, the company shall be deemed terminated by the operation of law if the extraordinary general assembly fails to meet during the period set forth (180 days from the date of the board of directors was notified of the accumulated losses, which ends on Nov. 5, 2021; or if the assembly convenes but fails to issue a decision on the matter). |
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