Riyadh – Mubasher: Gulf Union Cooperative Insurance on Thursday said it appointed Saudi Hollandi Bank as the financial advisory for the company’s capital reduction, according to a bourse filing.
On Tuesday, the company said it appointed the same bank to manage subscription in its rights issue.
Gulf Union’s board recommended cutting capital from SAR 220 million to SAR 130 million to cover the company’s accumulated losses amounting to SAR 90 million and representing 40.9% of capital. The board also proposed increasing capital by SAR 220 million or 100% through a rights issue.
