Riyadh – Mubasher: 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+’.