MEDGULF shareholders to vote on SAR 420 mln rights issue on Nov. 3

The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MEDGULF) shareholders will start electronic voting on increasing the company’s capital through SAR 420 million rights issue during an extraordinary general assembly meeting scheduled for Nov. 3, according to a bourse filing.

Capital will be increased by 50% from SAR 700 million to SAR 1.05 billion, through offering 35 million ordinary rights issue shares at a nominal value of SAR 10 and offer price of SAR 12 each.

The capital increase is aimed to support the expansion of the company's business activities and enhance its margin of solvency.

Eligibility to the rights issue will be to shareholders of record on the EGM date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date.