Riyadh – Mubasher: MedGulf Insurance and Reinsurance Cooperative Company (MedGulf) on Tuesday announced that it has submitted a capital reduction file to the Saudi Capital Market Authority (CMA).
Any future developments would be announced in time, the company said in a bourse statement.
The board of directors had recommended on Wednesday, 23 August, a capital reduction by 60% from SAR 1 billion to SAR 400 million to cover its cumulative losses.
On 27 August 2017, Medgulf received the approval of the Saudi Arabian Monetary Authority (SAMA) on the SAR 600 million capital reduction.
