Logo of The Mediterranean and Gulf Insurance and Reinsurance Co.

The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) announced the prospectus for its planned capital increase through a rights issue of SAR 420 million.

 

Capital will be increased by 50% from SAR 700 million to SAR 1.05 billion, through offering 35 million ordinary rights issue shares at a nominal value of SAR 10 and offer price of SAR 12 each.

 

The Capital Market Authority (CMA) approved on Sept. 30 the company's request for the capital increase. An extraordinary general assembly meeting will be held on Nov. 3 to vote on the capital increase.

 

Capital Increase Details

Current capital

SAR 700 mln

Number of shares

70 mln shares

Capital increase%

50%

Capital after increase

SAR 1.050 bln

Number of shares after increase

105 mln shares

 

Rights Issue Details

Number of shares offered

35 mln shares

Offer price

SAR 12

Issue premium

SAR 2 per share

Size of issue

SAR 420 mln

Rights coefficient

0.5 right per existing share

Record date

Shareholders owning shares by the end of trading on the date of the extraordinary general assembly meeting.

Uses of offering proceeds

Fund the company's potential investments

SAR 377 mln

Increasing the statutory deposit

SAR 36 mln

Issue expenses

SAR 7 mln

For More IPOs

Rights Issue Prospectus

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