Riyadh – Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance’s (Medgulf) board recommended a capital increase through a rights issue of SAR 400 million.
The number of shares and the offering price will be determined after obtaining the necessary approvals from the Saudi Arabian Monetary Authority (SAMA), the Capital Market Authority (CMA), and other related bodies, according to a bourse filing on Tuesday.
The company aims to support its expansions and enhance its financial solvency through the capital raise.
The capital hike will be limited to the shareholders of record at the end of trades on the extraordinary general meeting’s (EGM) date, which will be announced later.
The company’s capital amounts to SAR 1 billion, distributed over 100 million shares at a nominal value of SAR 10 per share.
In 2013, the Saudi-listed firm raised its capital from SAR 800 million to SAR 1 billion through bonus shares.
