Gulf General Cooperative Insurance Co. (Gulf General) appointed today Falcom Financial Services as a financial advisor for its capital hike through a rights issue, the insurer said in a bourse statement.

 

The company will issue a statement upon submitting the capital increase request to the Capital Market Authority (CMA), and will disclose future developments as they occur, it added.

 

According to data compiled by Argaam, Gulf General’s board of directors recommended in April a capital hike through a SAR 300 million rights issue to support the firm’s expansion activities

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