Logo of Gulf Union AlAhlia Cooperative Insurance Co.
Gulf Union AlAhlia Cooperative Insurance Co. submitted, on Dec. 28, a request for capital increase via a rights issue to the Capital Market Authority (CMA).
Any updates in the matter will be announced in due course, the company said in a bourse statement.
According to data compiled by Argaam, the insurer received, on Dec. 2, Saudi Central Bank’s (SAMA) approval to increase the company’s capital from SAR 229.4 million to SAR 458.9 million through a rights issue.
In October, Gulf Union AlAhlia board recommended increasing the company’s capital, through a rights issue of SAR 229.5 million.
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