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. 25.

 

Rights trading started on Nov. 15, to increase the company’s capital from SAR 700 million to SAR 1.05 billion, through a rights issue of 35 million shares at SAR 12 per share, totaling SAR 420 million.

 

Rights issue subscription period ended on Nov. 22.

 

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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