Riyadh – Mubasher: Gulf General Cooperative Insurance Company has received the approval of the Saudi Arabian Monetary Authority (SAMA) regarding the board’s proposal of capital raise.

The company will increase its capital by SAR 300 million via the issuance of rights issues, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The Saudi-based firm will raise its capital to SAR 500 million after meeting all the requirements of other official bodies.

Gulf General noted that the move has no financial impact on its financials.