Gulf Union board proposes capital decrease

Riyadh – Mubasher: The board of directors of Gulf Union Cooperative Insurance Co. recommended a capital decrease by a maximum of SAR 100 million.

The current share capital before the capital reduction is SAR 220 million, divided into 22 million shares. The share capital will reach after the capital reduction a minimum of SAR 120 million divided into 12 million shares.

The maximum reduction will represent 45.45% of the current share capital, and will be through the reduction of 1 share for every 2.2 shares maximum.

The capital reduction s purpose: offset a maximum of SAR 100 million from the company s accumulated losses.