CMA Oks Gulf Insurance request to increase its capital ‎

The Capital Market Authority announced the issuance of its decision approving Gulf Insurance Group’s request to increase its capital from 500 million riyals to 525 million riyals by granting a free share for every (20) outstanding shares owned by shareholders registered in the register of shareholders of the issuer at the Depository Center at the end of the second trading day. The due date, which will be determined by the Company’s Board of Directors at a later date, follows.

It indicated that the value of the capital increase is paid by transferring an amount of 25 million riyals from the “retained earnings” item, and thus the number of shares increases from 50 million shares to 52.5 million shares, an increase of 2.5 million shares. Provided that the date of the extraordinary general assembly does not exceed 6 months from the date of this approval, and the company completes the relevant procedures and legal requirements.