Gulf General board withdraws capital cut proposal

01/07/2025 Argaam
Logo ofGulf General Cooperative Insurance Co.

Logo of Gulf General Cooperative Insurance Co.

Gulf General Cooperative Insurance Co. said its board of directors withdrew a previous recommendation to reduce the company’s capital, according to a statement to Tadawul.

 

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The board confirmed it will not proceed with the proposal, citing a commitment to maintaining financial stability and regulatory compliance in the long-term interest of shareholders.

 

The company added that it is assessing alternative measures to improve capital efficiency.

 

Gulf General reaffirmed its dedication to transparency, financial performance, sustainability, and strong governance, adding that any future developments will be disclosed in due course.

 

According to Argaam data, the board recently recommended a capital cut of 54.04%, from SAR 300 million to SAR 137.88 million, aimed at restructuring the company’s capital and offsetting accumulated losses.

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