GIG gets SAMA nod for raising capital to SAR 525 mln

Logo of Gulf Insurance Group (GIG)

Gulf Insurance Group (GIG) obtained, on Aug. 3, the approval of the Saudi Central Bank (SAMA) to increase its capital to SAR 525 million from SAR 500 million by capitalizing SAR 25 million from retained earnings. 

In a statement to Tadawul, the insurer pointed out that the letter included SAMA’s no-objection to amending the capital article in the company’s bylaws, provided that all other official competent authorities’ requirements are fulfilled in this regard.

SAMA ‘s approval is valid for one year. Any material development will be announced in due course, GIG added.

In May, the company’s board of directors recommended increasing the company’s capital by 5% through a 1-for-20 bonus-share distribution, Argaam earlier reported.