The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) will begin its rights issue today, Sept. 17, to raise its capital to SAR 800 million from SAR 400 million.

 

The rights will be tradable until Sept. 24, and subscription period will run until Sept. 27.

 

The rights issue will be the third to take place under the Saudi Stock Exchange’s (Tadawul) new mechanism for tradable rights, after Malath Cooperative Insurance Co. and Bank Aljazira.

 

The insurer is offering 40 million regular shares at SAR 10 per share.

 

On Sept. 10, the company’s general assembly approved a 100 percent capital hike to SAR 800 million from SAR 400 million through a rights issue, Argaam reported earlier.

 

Key Figures of the Capital Hike

Current capital

SAR 400 mln

Number of shares

40 mln shares

Capital hike percentage

100%

New capital

SAR 800 mln

Rights Issue

Number of shares

40 mln

Rights issue price

SAR 10/share

Rights issue size

SAR 400 mln

Eligibility date

Sept. 12, 2018

Use of proceeds

Proceeds after deducting SAR 10 mln rights issue fees will go towards lifting solvency margin and financing the increase in statutory deposit required by SAMA due to the capital hike.

Trading & subscription period

Trading and subscription start on Monday, Sept. 17. Trading period ends on Monday, Sept. 24, while subscription ends on Thursday Sept. 27.

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