Gulf Union Al Ahlia’ Submits Capital Increase Application to CMA by Offering Rights Issue

Gulf Union Al Ahlia Cooperative Insurance Co. announced on Wednesday the submission of an application on Tuesday 28/12/2021 to increase the company’s capital by offering the rights issue to the Capital Market Authority for approval.

The company indicated on (Tadawul) that further announcements will be made later for any future developments once they are available and must be announced.

This step comes with reference to the announcement of Gulf Union Al Ahlia Cooperative Insurance Co. on Tadawul’s website on 20/10/2021 regarding the Board’s Recommendation for capital increase by offering rights issue.

Additionally, the announcement of Gulf Union Al Ahlia Cooperative Insurance Co. on Tadawul’s website dated on 05/12/2021 regarding receiving a letter from Saudi Central Bank on 02/12/2021 included SAMA approval to increase the company’s capital from SR229.4 Million to SR458.9 Million by offering rights issue, provided that the company fulfils all the requirements of other official authorities.

It is worth noting that the approval is valid for one year from its date to complete the capital increase process, the company concluded.