CMA approves Gulf Union Al Ahlia’s capital hike for merger with Gulf General

The company will issue 22.82 million ordinary shares to merge with Gulf General Cooperative Insurance Company

Staff Writer, Mubasher

February 26, 2025

PHOTO
The Capital Market Authority (CMA) issued its 2023 annual report, highlighting significant leaps and record achievements in various regulatory and legislative aspects, as well as developmental and investment product areas. Image courtesy: CMA

Riyadh: The Capital Market Authority (CMA) approved the capital hike of Gulf Union Al Ahlia Cooperative Insurance Company from SAR 458.94 million to SAR 687.18 million, according to a bourse disclosure.

The company will issue 22.82 million ordinary shares to merge with Gulf General Cooperative Insurance Company and transfer all of its assets and liabilities to its portfolio through a securities exchange offer.

In 2024, Fitch Ratings granted Gulf Union Al Ahlia the insurer financial strength (IFS) rating of ‘BBB+’.

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