A branch of MEDGULF

The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MEDGULF) shareholders approved reducing the company's capital by 12.5% to SAR 700 million from SAR 800 million, through writing off 10 million shares, during the extraordinary general assembly meeting (EGM) held on April 22, 2021.

 

Key Figures of the Capital Reduction

Current Capital

SAR 800 mln

Number of shares

80 mln 

Reduction (%)

12.5%

New Capital

SAR 700 mln

New number of shares

70 mln 

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

 

Accordingly, the Saudi Stock Exchange (Tadawul) announced that MEDGULF’s daily trading fluctuation limit, after the capital reduction, will be based on a share price of SAR 25.45 as of today, April 25, 2021.

 

Meanwhile, the outstanding orders will be cancelled.

 

Trading on the company’s shares will be suspended for two business days, starting today.

 

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by April 26, the statement added.

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