Gulf General Insurance Announces Updated Plan to Address 54 % Accumulated Losses

Gulf General Cooperative Insurance Co. announced on Sunday that its Board has reaffirmed its plan to resolve accumulated losses, which have reached 54.04 % of share capital.

Key actions include:

1. Continuing implementation of pricing and cost-control measures.

2. Exploring capital-raising options through a rights issue or share issuance to strategic investors.

3. Convening an EGM within the regulatory timeframe to vote on continuation.

The company announced its commitment to improving solvency margins and pursuing long-term growth and profitability.