Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of Gulf General Cooperative Insurance Company to reduce its capital by SAR 200 million, according to a bourse filing.
Following the transaction, the new capital will stand at SAR 300 million distributed over 30 million shares, compared to SAR 500 million and 50 million shares.
Meanwhile, the reduction is still subject to the approval of the company’s extraordinary general meeting (EGM).
Last November, Gulf General appointed Yaqeen Capital as the financial advisor to handle the capital cut process, which aimed to write off accumulated losses valued at SAR 200 million.
In the first nine months (9M) of 2023, the listed company logged net profits before Zakat worth SAR 1.27 million, against net losses valued at SAR 54.38 million in 9M-22.
