Logo of Gulf Insurance Group (GIG)
Shareholders of Gulf Insurance Group (GIG) approved increasing capital by 5% through a 1-for-20 bonus share distribution, during the extraordinary general meeting (EGM) held on Nov. 16.
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Bonus Issue Highlights |
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Current Capital |
SAR 500 mln |
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Number of Shares |
50 mln |
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Percentage of Increase |
5% (One bonus share for every 20 shares held) |
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New Capital |
SAR 525 mln |
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Number of Shares |
52.5 mln |
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Reasons |
To support the company’s capital base in order to boost growth rates and business expansion |
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Method |
Capitalizing SAR 25 mln from retained earnings |
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Record Date |
Nov. 16, 2023 (Shareholders of record and shareholders registered with Edaa by the close of the second trading day following the EGM) |
Fractional shares, if any, will be collected in one portfolio for all shareholders, sold at market price, and then distributed to the shareholders entitled to the bonus share distribution pro rata within a period not exceeding 30 days from the date of determining the shares due to each shareholder.
In a separate statement, the Saudi Exchange (Tadawul) set the daily trading fluctuation limit for the stock based on a share price of SAR 26.30 for today, Nov. 19. Accordingly, the outstanding orders will be canceled.
The Securities Depository Center Co. (Edaa) will deposit the bonus shares into investor portfolios by Nov. 21.
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