Riyadh – Mubasher: Gulf General Cooperative Insurance Co. announced the appointment of FALCOM Financial Services as a financial advisor to manage the subscription to the company’s capital raise through a rights issue.

Any further developments including submitting the capital increase request to the Saudi Capital Market Authority (CMA) will be disclosed, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

In April, the company’s board of directors recommended raising the company’s capital by SAR 300 million through a rights issue.

In July, Gulf General Cooperative Insurance Co. received the Saudi Arabian Monetary Authority’s (SAMA) approval on the capital raise.