Riyadh: The board of insurance company General Cooperative of the Gulf recommended increasing the company's capital through a rights issue of 300 million pounds.
The company said in a statement in Tadawul on Monday that the purpose of the capital increase was to support the expansion of the company's operations.
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The new shares will be eligible for registered shareholders by the end of the second trading day after the date of the General Meeting to approve the increase.
She also noted that it would be announced later on the appointment of a financial advisor to submit, and submit a request for capital increase to the Authority.
The company's capital is 200 million rials distributed in more than 20 million shares, with a nominal value of 10 rials per share.
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