MEDGULF’s rights trading period ends today

Logo of The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.’s (MEDGULF) rights trading period ends today, Nov. 22.

Rights trading period started on Nov. 15, to increase the company’s capital from SAR 700 million to SAR 1.05 billion.

Subscription period, which also started on Nov. 15, will continue until Nov. 25.

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios.

Capital Increase Details
Current capital	SAR 700 mln
Number of shares	70 mln
Capital increase %	50%
Capital after increase	SAR 1.05 bln
Number of shares after increase	105 mln

Rights Issue Details
Number of shares offered	35 mln
Offer price	SAR 12
Size of issue	SAR 420 mln
Rights coefficient	0.5 right for every share held
Rights Trading Period	Nov. 15-22
Subscription Period	Nov. 15-25
Record date	Nov. 4 including shareholders registered in Edaa on the second day following this date
Uses of offering proceeds	Funding the company's potential investments	SAR 377 mln
	Increasing the statutory deposit	SAR 36 mln
	Offering costs	SAR 7 mln

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