Riyadh – Mubasher: The accumulated losses of Gulf Union Alahlia Cooperative Insurance Company plummeted to SAR 135.96 million, after raising its capital by 100% through a rights issue.

The firm’s accumulated losses currently account for 29.63% of the capital, as on 22 June 2022, compared to 57.98% of the capital as on 8 June 2022.  

The company increased its capital to SAR 458.94 million from SAR 229.47 million, according to a bourse filing on Thursday.

Gulf Union Alahlia raised its capital by offering 22.94 million rights shares at a value of SAR 229.47 million.

Last March, the Capital Market Authority (CMA) granted its approval for the insurer’s 100% capital hike.