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.

 

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

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

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request