MedGulf to discuss SAR 400 mln capital increase on September 10

19/08/2018 Argaam

 

The Mediterranean and Gulf Insurance and Reinsurance Co.'s (MedGulf) shareholders on September 10 will discuss and approve a capital increase by SAR 400 million through a rights issue, the insurer said in a bourse filing.

 

The capital increase is aimed at improving solvency and enhancing the company’s financial position.

 

The increase will be limited to shareholders of record on the second trading day following the extraordinary general meeting.

  

In December 2016, MedGulf’s board of directors recommended a capital hike through a SAR 400 million rights issue, according to data available on Argaam.

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