Gulf General shareholders approve capital hike via SAR 300 mln rights issue

Gulf General Cooperative Insurance Co.

Shareholders of Gulf General Cooperative Insurance Co. (Gulf General) approved the recommendation by the board of directors to increase the company's capital by offering rights issue worth SAR 300 million, during the extraordinary general assembly meeting (EGM) held on June 28.

Capital Hike Details
Capital	SAR 200 mln
Number of shares	20 mln
Capital hike percentage	150%
Capital after increase	SAR 500 mln
Number of shares after increase	50 mln

Rights Issue Details
Number of shares offered	30 mln
Offering price per share	SAR 10
Issue size	SAR 300 mln
Rights coefficient	Each listed shareholder will have the right to subscribe to 1.5 shares for 1 share owned.
Record date	Shareholders who own the shares by the end of trading on the date of the EGM, and of record by the close of trading on the second day following the EGM date.
Rights issue proceeds	Investments and financial deposits	SAR 262.5 mln
	Increasing the statutory deposit	SAR 30 mln
	Issue expenses	SAR 6 mln
	Upgrading the offices of headquarters and electronic systems	SAR 1.5 mln

In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limits for Gulf General will be based on a share price of SAR 19.20. All outstanding orders will be cancelled.

Furthermore, Edaa will deposit the additional shares into the investors’ portfolios on July 1.

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Gulf General shareholders to vote on capital hike via SAR 300 mln rights issue on June 28

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