Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) approved the request of Gulf Union Cooperative Insurance to reduce its capital.

The company’s capital will decrease from SAR 220 million to SAR 150 million, thus reducing the number of shares from 22 million shares to 15 million shares.

This approval is subject to the decision of the extraordinary general meeting (EGM) of the company and completion of the necessary procedures in relation to the applicable regulations, according to a bourse filing on Monday.

In March, Gulf Union had appointed Alawwal Capital to manage the capital reduction, after the board had recommended the decrease by 31.82%.