MedGulf applies to liquidate SAR 122 mln bank guarantee

17/12/2017 Argaam

 

The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) has submitted a request to the Saudi based Bank Muscat to liquidate the SAR 122 million guarantee, which was received from its affiliate MedGulf Bahrain, the company said in a bourse statement on Sunday.

 

The insurer expects the full amount to be deposited in its account within five business days.

 

The financial impact will likely boost the insurer’s cash balance and reduce its receivables by the same amount in Q4 2017, the statement added.

 

On October 1, MedGulf received the remaining SAR 800,000 debt from the majority shareholders of its affiliate, MedGulf Bahrain, Argaam reported.

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