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Gulf Union EGM approves capital cut

Gulf Union EGM approves capital cut
(Photo Credit: Arabianeye-Reuters)
GULF UNION ALAHLIA
8120
89.33% 23.78 11.22

Riyadh – Mubasher: The extraordinary general meeting (EGM) of Gulf Union Cooperative Insurance approved reducing the company’s capital by 31.82% to SAR 150 million from SAR 220 million.

The capital decrease aims to offset the accumulated losses, according to a bourse filing.

The number of shares will consequently reduce from 22 million shares to 15 million.

The EGM has also agreed on amending the company’s bylaws to be in line with the New Companies Law, in addition to the board’s and auditor’s reports for 2016.

The Saudi-listed firm reported that its accumulated losses have reached SAR 73.6 million, representing 33.5% of the company’s capital, according to the financial results of 2016.

Gulf Union’s fluctuation limits will be based on a share price of SAR 18.01, the company said.