Logo of The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.’s (MEDGULF) rights trading period ends today, Nov. 22.
Rights trading period started on Nov. 15, to increase the company’s capital from SAR 700 million to SAR 1.05 billion.
Subscription period, which also started on Nov. 15, will continue until Nov. 25.
Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios.
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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 |
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Capital increase % |
50% |
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Capital after increase |
SAR 1.05 bln |
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Number of shares after increase |
105 mln |
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Rights Issue Details |
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Number of shares offered |
35 mln |
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Offer price |
SAR 12 |
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Size of issue |
SAR 420 mln |
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Rights coefficient |
0.5 right for every share held |
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Rights Trading Period |
Nov. 15-22 |
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Subscription Period |
Nov. 15-25 |
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Record date |
Nov. 4 including shareholders registered in Edaa on the second day following this date |
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Uses of offering proceeds |
Funding the company's potential investments |
SAR 377 mln |
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Increasing the statutory deposit |
SAR 36 mln |
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Offering costs |
SAR 7 mln |
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