Riyadh-Mubasher: Gulf Union Cooperative Insurance Co. said its SAR 100 million capital reduction aims to write off accumulated losses, boost stock price and facilitate dividend payouts.
The reduction will take place simultaneously with a SAR 220 million capital increase through a rights issue, according to the company's statement to the Saudi bourse.
The move also aims to maintain a good credit rating for the company as it pushes ahead with a turnaround plan.
