The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) obtained, on Dec. 9, the Saudi Central Bank’s (SAMA) approval for its planned SAR 100 million capital cut.
There is no financial impact on the company, Gulf General said in a statement to Tadawul.
Any future updates will be announced in due course, the company added.
In October, MEDGULF board of directors recommended a capital cut by 12.5% from SAR 800 million to SAR 700 million to offset the accumulated losses, Argaam reported.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 800 mln |
|
Number of shares |
80 mln shares |
|
Reduction (%) |
12.5% |
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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 |
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