Riyadh — Mubasher: Gulf General Cooperative Insurance Company (GGCI) has submitted a formal application to the Capital Market Authority (CMA) on 28 October 2026 to undergo a comprehensive capital restructuring, according to a bourse disclosure.
The filing follows a board recommendation made on 2 September 2026, aimed at addressing the company's financial position through a sequential capital reduction and increase.
The proposal involves reducing the current capital from SAR 300 million to SAR 124 million by canceling 17.60 million ordinary shares.
The capital reduction of SAR 176 million will be immediately followed by a capital increase to restore the total to SAR 300 million.
The increase will be executed through the issuance of 17.60 million new ordinary shares at a nominal value of SAR 10 per share.
The capital hike consists of two primary components. First, 12.60 million shares will be issued via a private placement with the suspension of preemptive rights, to be fully subscribed by BlueFive Investments Holding Limited.
Second, a total of 5 million shares will be issued through the conversion of debt owed to major shareholders, specifically Saudi General Investment Services and Trading Company as well as Marketing and Agencies Services Commercial Company Limited.
GGCI elaborated that all three phases of the restructuring are interdependent and subject to regulatory and extraordinary general assembly approvals.
