Riyadh – Mubasher: The board of Gulf Union Alahlia Cooperative Insurance Company recommended a capital increase through a right issues, according to a bourse disclosure on Wednesday.

The company intends to raise the capital by SAR 229.47 million to endorse its future plans, enhance solvency margin, and increase investment income.

Gulf Union Alahlia noted that the capital hike is subject to approvals of the Saudi Central Bank (SAMA), the Capital Market Authority, the extraordinary general meeting, and other regulatory authorities.

The firm will later announce the appointment of the financial advisor for the capital increase transaction.