Gulf General raises funds from unsubscribed rights issue shares

Gulf General has sold 8.28mln shares

Saudi riyal. Image used for illustrative purpose.

Saudi riyal. Image used for illustrative purpose.

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Riyadh – Mubasher: Gulf General Cooperative Insurance Company has sold 8.28 million shares representing the remaining unsubscribed rights issue portion at an average price of SAR 16.97 a share.

The total value of the sold shares stood at SAR 140.59 million, according to a bourse disclosure on Sunday.

The new rights issue shares will be deposited into the shareholders’ accounts on 5 August 2021.

Last month, Gulf General announced that a total of 21.71 million shares out of 30 million offered shares were subscribed in the rights issue for SAR 217.16 million.

The shares subscription period first started on 5 July, in a bid to raise the capital by SAR 300 million.

Source: Mubasher

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