The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) applied on Dec. 17, 2020, for the approval of the Capital Market Authority (CMA) on the capital decrease, the insurer said in a bourse filing.
The insurer obtained, on Dec. 9, the Saudi Central Bank’s (SAMA) approval for its planned SAR 100 million capital cut.
Relevant updates will be duly revealed, the statement added.
In October, the insurer’s board of directors recommended a capital cut by 12.5% from SAR 800 million to SAR 700 million to offset the accumulated losses. The board also proposed a capital increase by SAR 350 million via a rights issue following the capital reduction, Argaam reported.
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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 |
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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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