Gulf General Cooperative Board Approves Proposed Share Capital Restructuring

06:04 AM EDT, 09/02/2026 (MT Newswires) -- Gulf General Cooperative Insurance Co. (SASE:8260) board approved its planned share capital restructuring to partially offset accumulated losses and manage debt. The Saudi insurance company proposed a 176 million-Saudi-riyal capital reduction through share cancellations, followed by a capital boost worth 176 million riyals via the issue of 17.6 million new shares, according to a Wednesday filing. Under the capital increase, the company will issue 12.6 million shares to BlueFive Investments Holding unit BlueFive Insurance Arabia, and 5 million shares to Marketing and Agencies Services Commercial Co. and Saudi General Investment Services and Trading Co. to settle the debt issued by the two companies. Following the completion of the transaction, which is subject to shareholder approval and regulatory clearances, BlueFive will own a 42% stake in the company.