The Saudi Exchange (Tadawul) announced today the date for the planned rights issue trading and subscription process to new shares of Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MEDGULF), according to a bourse statement.

 

The rights issue trading period and subscription to new shares will begin on Nov. 15, Tadawul said.

 

It added that the rights trading will end on Nov. 22, while the subscription process will close on Nov. 25.

 

According to data compiled by Argaam, shareholders approved the board of directors’ recommendation to increase capital from SAR 700 million to SAR 1.05 billion through SAR 420 million rights issue, during the extraordinary general assembly meeting (EGM) held on Nov. 3.

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