Gulf Union Co-Operative Insurance Company SJSC

12/05/2021 | Press release | Distributed by Public on 12/05/2021 06:07

Gulf Union Alahlia Cooperative Insurance Co. Announces an update on Gulf Union Al Ahlia Cooperative Insurance Co. announcement of its Board’s Recommendation to Increase the[...]

ELEMENT LIST

EXPLANATION

Introduction

With reference to the announcement of Gulf Union Al Ahlia Cooperative Insurance Co. on 20/10/2021 Corresponding to 14/03/1443 H regarding the Board's Recommendation for Capital Increase by Offering Rights Issue,

The Company announces receiving a letter from Saudi Central Bank on 02/12/2021 corresponding to 27/04/1443 H which included SAMA approval to increase the company's capital from 229.4 Million riyals to 458.9 Million riyals by Offering Rights Issue, Provided that the company fulfills all the requirements of other official authorities. Note that the approval is valid for one year from its date to complete the capital increase process.

Previous Announcement

Gulf Union Al Ahlia Cooperative Insurance Co. announcement of its Board's Recommendation to Increase the Capital by Offering Rights Issue

Date of Previous Announcement on Tadawul's Website

2021-10-20 Corresponding to 1443-03-14

Percentage of fulfilled achievement

Not applicable.

Event's Expected Completion Date

Depends on the Capital Increase procedures

Reasons for Exceeding the Announced End Date

Not applicable.

The costs associated with the event, and if they have changed or not with indication of the reasons.

No Change.

Impact of the Delay on the Company's Financial Results

Not applicable.

Additional Information

Announcements will be made later upon submitting the request for capital increase to the Capital Market Authority for approval, and for any future developments once they are available and must be announced.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.