MedGulf board recommends SAR 400 mln capital hike

The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) board of directors has recommended increasing the company’s capital through a SAR 400 million rights issue, the insurer said in a statement to Tadawul.

The planned capital hike, which is aimed to boost the company’s solvency margin and support future activities, is subject to the approval of regulatory authorities and the company’s extraordinary general assembly.

A financial advisor will be mandated later on, the statement said.

Only shareholders of record on the extraordinary general assembly date will be eligible to subscribe to these shares, MedGulf added.