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.
Comments
{{DisplayName}}
{{ElapsedTime}}