MEDGULF to vote on FY19 financials, board report on June 3

The Mediterranean and Gulf Insurance and Reinsurance Co.'s (MEDGULF) shareholders will vote on financial statements, board's report, and auditor's report for fiscal year ending Dec. 31, 2019 on the ordinary general meeting (OGM) slated for June 3, the company said in a bourse statement.

Shareholders will also discharge board members from liability for FY2019, and appoint a new auditor for FY2020 and Q1 2021.

During the meeting, shareholders will vote on the board's remuneration, in addition to utilizing a sum of SAR 120 million from the statutory reserves to offset the company's losses.

Shareholders will discuss business contracts signed with other entities in 2019.

Shareholders will participate in the meeting through electronic voting, in line with the Capital Market Authority's (CMA) circular issued, on March 16, enabling shareholders to participate and vote on general meeting agenda items through Tadawulaty system in line with the government’s efforts to prevent spread of coronavirus.