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Riyadh – Gulf General Cooperative Insurance Company has appointed Yaqeen Capital as the financial advisor to manage the procedures for the capital reduction process on 22 November 2023.
Through the decrease process, the insurance firm aims to write off accumulated losses amounting to SAR 200 million, according to a bourse filing.
Following the transaction, the company’s capital will stand at SAR 300 million.
Gulf General will disclose further developments upon submitting the capital reduction file to the Capital Market Authority (CMA).
In the first nine months (9M) of 2023, the listed company turned profitable at SAR 1.27 million, against net losses valued at SAR 54.38 million in 9M-22.
Loss per share declined to SAR 0.03 in 9M-23 from SAR 1.15 a year earlier, while the gross written premiums (GWP) dropped by 30.11% to SAR 212.66 million from SAR 304.26 million.
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