MedGulf’s remaining rights issue shares 373% oversubscribed

08/10/2018 Argaam

 

The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) remaining rights issue shares amounting to 5.06 million were 372.5 percent oversubscribed, the insurer said in a bourse filing.

 

Investors injected SAR 217.22 million, at an average price of SAR 12.77 per share.

 

The net return to right holders is SAR 14 million. The share will be deposited into shareholders’ accounts on Oct. 18, 2018, the statement added. 

 

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

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