Riyadh – Mubasher: Gulf Union Al Ahlia Cooperative Insurance Company has submitted an application to the Saudi Capital Market Authority (CMA) on 28 December to obtain the approval for increasing the company's capital through a rights issue, according to a bourse filing on Wednesday.
Earlier this month, the Saudi Central Bank (SAMA) approved for Gulf Union Al Ahlia to raise its capital to SAR 458.9 million from SAR 229.4 million.
On 20 October, the company's board recommended a capital hike of SAR 229.47 million by offering a rights issue.
It is worth noting that in the first half (H1) of 2021, net losses of Gulf Union Al Ahlia reached SAR 103.59 million, before zakat, compared to profits of SAR 4.49 million in H1-20.
