Tadawul extends MedGulf’s rights issue until Sept. 25

The rights issue of Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) was extended until today, Sept. 25, with the subscription period running until Sept. 30, the Saudi Stock Exchange (Tadawul) said in a statement on Tuesday.

The rights issue was extended, as the Saudi bourse was closed on Sep. 23 and 24, after King Salman ordered a one-day extension to the National Day holiday.

The rights were originally tradable until Sept. 24, and the subscription period was set to close on Sept. 27.

The insurer launched the rights issue on Sept. 17, to double its capital to SAR 800 million, Argaam reported.