KSA - Gulf General gets SAMA nod on capital hike
Wednesday, 07 03 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
Saudi Arabian Monetary Authority (SAMA) on Tuesday approved Gulf General Cooperative Insurance Co. request to increase its capital to SAR 500 million through a SAR 300 million rights issue.
The capital hike is pending fulfilling all other regulatory requirements.
In April, Gulf General Cooperative Insurance Co.’s board of directors recommended a capital hike through a SAR 300 million rights issue to support the company’s expansions, Argaam reported earlier.