Gulf General submits application for SAR 300 mln capital hike to CMA

Gulf General Cooperative Insurance Co. said it submitted to Capital Market Authority the application for approval to increase capital by offering rights shares on Dec. 6, 2020.

Any future development will be announced in due course, the firm said in a statement to Tadawul.

According to the data available with Argaam, Gulf General announced in April 2020 the recommendation by the board of directors to increase the company's capital by offering rights issues worth SAR 300 million, with the aim to support the firm’s expansion plans.

In July 2019, the company obtained no objection from Saudi Central Bank -- formerly Saudi Arabian Monetary Authority -- to increase the capital from SAR 200 million to SAR 500 million by offering rights shares.