SAMA Approves Gulf Union Alahlia Capital Increase to SR458.9 mln by Offering Rights Issue

Gulf Union Alahlia Cooperative Insurance Company announced on Sunday it received a letter from Saudi Central Bank on 02/12/2021 which included SAMA approval to increase the company’s capital from 229.4 Million riyals to 458.9 Million riyals by Offering Rights Issue, Provided that the company fulfills all the requirements of other official authorities.

“The approval is valid for one year from its date to complete the capital increase process.” it said.

This comes with reference to the announcement of Gulf Union Al Ahlia Cooperative Insurance Co. on 20/10/2021 regarding the Board’s Recommendation for Capital Increase by Offering Rights Issue.

“Announcements will be made later upon submitting the request for capital increase to the Capital Market Authority for approval, and for any future developments once they are available and must be announced.” it added.