Gulf Union Alahlia Cooperative Insurance Co. Announces an update on Gulf Union Al Ahlia Cooperative Insurance Co. announcement of its Board's Recommendation to Increase the Capital by Offering Rights Issue
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Gulf Union Al Ahlia Cooperative Insurance Co. on 20/10/2021 Corresponding to 14/03/1443 H regarding the Board's Recommendation for Capital Increase by Offering Rights Issue,
The Company announces receiving a letter from Saudi Central Bank on 02/12/2021 corresponding to 27/04/1443 H which included SAMA approval to increase the company’s capital from 229.4 Million riyals to 458.9 Million riyals by Offering Rights Issue, Provided that the company fulfills all the requirements of other official authorities. Note that the approval is valid for one year from its date to complete the capital increase process. |
| Previous Announcement | Gulf Union Al Ahlia Cooperative Insurance Co. announcement of its Board's Recommendation to Increase the Capital by Offering Rights Issue |
| Date of Previous Announcement on Tadawul's Website | 2021-10-20 Corresponding to 1443-03-14 |
| Percentage of fulfilled achievement | Not applicable. |
| Event's Expected Completion Date | Depends on the Capital Increase procedures |
| Reasons for Exceeding the Announced End Date | Not applicable. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | No Change. |
| Impact of the Delay on the Company's Financial Results | Not applicable. |
| Additional Information | Announcements will be made later upon submitting the request for capital increase to the Capital Market Authority for approval, and for any future developments once they are available and must be announced. |
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