Riyadh – Mubasher: Mediterranean & Gulf Insurance and Reinsurance Company (MedGulf) on Monday said it will announce its financial statements for the second quarter of 2017 withing the regulatory deadline.
MedGulf must address some mistakes in its operations that may impact its financial statement of Q2-17 and must announce the coming financial results within the given deadline, the Saudi Arabian Monetary Authority (SAMA) stated on Monday.
The warning letter to MedGulf on Thursday, 3 August, was a final warning to address these mistakes in accordance with relevant regulations, the SAMA added, noting that it would implement more legal procedures if the company does not address its mistakes.
By 12:29 pm KSA time, the stock shed 0.91% to SAR 16.40.
