Gulf Union Cooperative Insurance Co. has appointed Alawwal Invest as a financial adviser on the planned capital cut, the insurer said in a statement to Saudi bourse, Tadawul.

 

The insurer’s board of directors recommended a 31.82 percent capital reduction to SAR 150 million from SAR 220 million.

 

The insurer will write off one share for every 3.14286 outstanding shares.

 

The move is aimed at restructuring the company’s capital in compliance with the new corporate law.

 

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