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The Saudi Central Bank (SAMA) has approved the capital increase of Gulf Union Al Ahlia Cooperative Insurance to SAR 458.9 million ($122 million).
The company announced to the Saudi Stock Exchange (Tadawul) that it had received a letter which included approval from SAMU to increase its capital from SAR 229.4 million by offering a rights issue.
Gulf Union Al Ahlia announced earlier this month that it was considering a merger with Al Sagr Cooperative Insurance.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)
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