Gulf Union Cooperative Insurance Co.’ general assembly approved on Thursday a 31.82 percent capital reduction to SAR 150 million from SAR 220 million to offset accumulated losses.

 

The insurer’s shares will be suspended for two trading days starting Sunday, until the capital cut is reflected on shareholders’ portfolios, the Saudi Stock Exchange (Tadawul) said in a separate statement on Sunday.

 

Capital cut details

Current Capital

SAR 220 mln

Number of shares

22 mln

Capital cut percentage

31.82% (1 share for every 3.143 shares)

New capital

SAR 150 mln

New number of shares

15 mln

Method of capital cut

Writing off 7 mln shares

Reasons

Offset accumulated losses

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