Gulf Union to resubmit request for capital hike

04/06/2015 Argaam

Gulf Union Cooperative Insurance Co. (Gulf Union) said that it will soon resubmit a request for its capital raise to the Saudi Arabian Monetary Agency (SAMA) after it reached an agreement with one of its strategic partners following a financial dispute in the second quarter.

 

This time around, the insurer will include the amount required to cover the minimum margin solvency ratio, it said on Thursday in a statement to the Saudi bourse.

 

It also pledged to submit a five-year business plan in order to meet requirements set by SAMA, the kingdom’s central bank.

 

Argaam reported in April that the central bank denied the company’s plan for a capital raise after it failed to meet regulatory requirements.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read