Saudi Arabia: Insurer completes sale of fractional shares
Source: Middle East Insurance Review | Feb 2021
Gulf Union Cooperative Insurance Company has concluded depositing the proceeds from selling fractional shares, resulting from the company’s capital increase due to the merger in the bank accounts of eligible shareholders, reported Argaam, citing a bourse filing.
The company sold 5,453 fractional shares on 10 December last year at SAR19.87 ($5.29) per share for a total of SAR108,326.48.
Gulf Union announced on 6 December last year the effectiveness of the merger solution, pursuant to which all assets and liabilities of Al-Ahlia Insurance Company, will be transferred to Gulf Union by issuing new shares with no outstanding unsatisfied creditor objections, according to Argaam.
SAR1 = $0.27