A branch of MEDGULF
The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MEDGULF) shareholders approved reducing the company's capital by 12.5% to SAR 700 million from SAR 800 million, through writing off 10 million shares, during the extraordinary general assembly meeting (EGM) held on April 22, 2021.
|
Key Figures of the Capital Reduction |
|
|
Current Capital |
SAR 800 mln |
|
Number of shares |
80 mln |
|
Reduction (%) |
12.5% |
|
New Capital |
SAR 700 mln |
|
New number of shares |
70 mln |
|
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 |
Accordingly, the Saudi Stock Exchange (Tadawul) announced that MEDGULF’s daily trading fluctuation limit, after the capital reduction, will be based on a share price of SAR 25.45 as of today, April 25, 2021.
Meanwhile, the outstanding orders will be cancelled.
Trading on the company’s shares will be suspended for two business days, starting today.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by April 26, the statement added.
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