Riyadh – Mubasher: Saudi Arabia-based Gulf Union Cooperative Insurance on Monday announced that its board of directors had approved raising capital by issuing 9.19 million shares for Al Ahlia for Cooperative Insurance’s shareholders ahead of a potential merger during an extraordinary general meeting (EGM) held in the previous day.

Gulf Union Cooperative Insurance’s capital will rise to SAR 241.94 million from SAR 150 million, according to a statement on Monday to the Saudi Stock Exchange (Tadawul).

Gulf Union Cooperative Insurance’s also approved amending some of its articles of association.

Gulf Union Cooperative Insurance’s stock remained unchanged to close Sunday at SAR 14.10, while Al Ahlia for Cooperative Insurance’s rose 2.32% to SAR 11.46.