Medgulf approves 25% capital raise

03/06/2012 ِArgaam

A 25% capital raise of The Mediterranean & Gulf Cooperative Insurance & Re-insurance company (Medgulf) (from SAR 800m to SAR 1bn) was approved in the Extraordinary general assembly meeting that was held on 2/6/2013 to support the company's future expansions.

 

The Capital increase is to take place by issuing one bonus share to each four shares owned by registered shareholders as SAR 200m of retained earnings will be capitalized.

 

By this issuance the number of outstanding shares will be increased from 80,000,000 shares to 100,000,000 shares.

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