Gulf Union submits capital raise plan to Saudi cbank

14/01/2015 Argaam

Gulf Union Cooperative Insurance Company submitted on Wednesday its request to the Saudi Arabian Monetary Agency, the country’s central bank, to raise its capital by SAR 220 million through a rights issue.

Gulf Union’s board decided in May 2014 to amend its capital raise recommendation from SAR 165 million to SAR 220 million, according to data compiled by Argaam.

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