Riyadh – Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance (Medgulf) announced its plan to adjust the financial situation, which includes calling for an extraordinary general meeting (EGM) to approve the capital reduction following a rise in its the accumulated losses.
The plan includes boosting revenues and net profits by cutting down on provisions in accordance with the established accounting standards, according to the company’s statement on Saudi Stock Exchange (Tadawul) on Monday.
An announcement of the board’s recommendation for a capital reduction will be announced at a later time alongside any future updates, Medgulf stated.
On Sunday, the Saudi insurance company said its accumulated losses amounted to SAR 733.97 million by the end of the second quarter of 2017, representing 73.4% of its capital.
