Logo of The Mediterranean and Gulf Insurance and Reinsurance Co.
The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) announced the prospectus for its planned capital increase through a rights issue of SAR 420 million.
Capital will be increased by 50% from SAR 700 million to SAR 1.05 billion, through offering 35 million ordinary rights issue shares at a nominal value of SAR 10 and offer price of SAR 12 each.
The Capital Market Authority (CMA) approved on Sept. 30 the company's request for the capital increase. An extraordinary general assembly meeting will be held on Nov. 3 to vote on the capital increase.
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Capital Increase Details |
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Current capital |
SAR 700 mln |
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Number of shares |
70 mln shares |
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Capital increase% |
50% |
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Capital after increase |
SAR 1.050 bln |
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Number of shares after increase |
105 mln shares |
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Rights Issue Details |
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Number of shares offered |
35 mln shares |
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Offer price |
SAR 12 |
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Issue premium |
SAR 2 per share |
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Size of issue |
SAR 420 mln |
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Rights coefficient |
0.5 right per existing share |
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Record date |
Shareholders owning shares by the end of trading on the date of the extraordinary general assembly meeting. |
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Uses of offering proceeds |
Fund the company's potential investments |
SAR 377 mln |
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Increasing the statutory deposit |
SAR 36 mln |
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Issue expenses |
SAR 7 mln |
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