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Gulf General Cooperative Insurance Co. Announces the Board's Recommendation to Increase the Capital by Offering Right Issues
8260
GULF GENERAL
-2.62
%
1445/09/09 19/03/2024 09:28:59
| Element List | Explanation |
|---|---|
| Introduction | Gulf General Cooperative Insurance Company Announces the Board's Recommendation to Increase the Capital by Offering Right Issue |
| Date of Board Meeting | 2024-03-18 Corresponding to 1445-09-08 |
| Target Amount | SAR 300,000,000 |
| Reasons for the increase | Supporting the expansion plan in the company’s activity and insurance operations, in addition to enhancing the financial solvency margin and investment portfolio. |
| Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting. |
| Approvals | Capital increase is subject to Insurance Authority, Capital Market Authority, and other regulatory authorities’ approvals in addition to Extraordinary General Assembly approval. |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | The announcement will be made upon appointing a financial advisor for offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval and any future development. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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Last Price 15.58
Net Change -0.42 (-2.62%)
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