MEDGULF pays compensation for unsubscribed rights issue shares

20/12/2021 Argaam

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) announced, on Dec. 19, distributing a total amount of SAR 23.6 million, as compensation to the rights issue owners who did not subscribe to the new shares and those eligible for fractional shares.

 

The lead manager will deposit the funds in the eligible investors’ accounts, the company said in a bourse statement.

 

The rights subscription period ended on Nov. 25, according to data available with Argaam.

 

Subscription period started on Nov. 15, to increase the company’s capital from SAR 700 million to SAR 1.05 billion, through a rights issue of 35 million shares at SAR 12 per share.

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