The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) applied on Dec. 17, 2020, for the approval of the Capital Market Authority (CMA) on the capital decrease, the insurer said in a bourse filing.

 

The insurer obtained, on Dec. 9, the Saudi Central Bank’s (SAMA) approval for its planned SAR 100 million capital cut.

 

Relevant updates will be duly revealed, the statement added.

 

In October, the insurer’s board of directors recommended a capital cut by 12.5% from SAR 800 million to SAR 700 million to offset the accumulated losses. The board also proposed a capital increase by SAR 350 million via a rights issue following the capital reduction, Argaam reported.  

 

Key Figures of the Capital Reduction

Current Capital

SAR 800 mln

Number of shares

80 mln shares

Reduction (%)

12.5%

New Capital

SAR 700 mln

New number of shares

70 mln shares

Method

Writing off 10 million shares

Reason

Capital restructuring to offset accumulated losses

Date

The second trading day following the EGM that will approve the capital reduction

 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

MEDGULF gets SAMA nod for SAR 100 mln capital cut
MEDGULF board recommends 12.5% capital cut, SAR 350 mln capital top-up through rights issue

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request