MEDGULF board amends capital increase proposal to SAR 420 mln

16/06/2021 Argaam

The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MEDGULF) board of directors amended its recommendation to increase capital via rights issue to SAR 420 million instead of SAR 350 million, the company said in a bourse filing.

 

The capital increase is expected to take place in Q3 2021 and will likely hike the offering-related expenses by SAR 900,000.

 

In October 2020, MEDGULF’s board of directors recommended a capital cut by 12.5% from SAR 800 million to SAR 700 million to offset accumulated losses.

 

The board also proposed a capital increase by SAR 350 million via a rights issue following the capital reduction. The capital top-up aimed at enhancing the company’s financial solvency and financing expansions, Argaam reported.

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