MedGulf gets remaining debt from Bahraini affiliate

01/10/2017 Argaam

 

Mediterranean Gulf Insurance and Reinsurance Co. (MedGulf) received on Sunday the remaining SAR 800,000 debt from the majority shareholders of its affiliate, MedGulf Bahrain, the insurer said in a statement to Tadawul on Sunday.

 

MedGulf received on Wednesday a bank guarantee worth SAR 122 million from its Bahrain unit, Argaam reported earlier.

 

Bahraini unit’s debt was reduced to SAR 122.8 million from SAR 163.38 million through settling an existing debt of SAR 40.59 million, MedGulf said last week.

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