Edaa adjusts MedGulf’s investor portfolios after capital cut

The Securities Depository Center Company (Edaa) on Wednesday Sept. 27 adjusted Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) investors’ portfolios to reflect the capital reduction.

MedGulf’s extraordinary general assembly had approved a 60 percent capital reduction, to restructure capital and offset losses.  

The Saudi Stock Exchange (Tadawul) had suspended trading in MedGulf stock for two business days starting from Monday Sept. 25, until Edaa made the adjustment, Argaam reported earlier.

Tadawul has set the fluctuation limits for MedGulf based on a share price of SAR 31.60.