MEDGULF submits capital hike file to CMA

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The Mediterranean and Gulf Insurance and Reinsurance Co. (MEDGULF) submitted on June 28, a request for capital increase via rights issue to the Capital Market Authority (CMA).

Any updates in the matter will be announced in due course, the company said in a bourse statement.

In April, the company’s shareholders approved reducing the company's capital by 12.5% to SAR 700 million from SAR 800 million, through writing off 10 million shares, Argaam reported.

Later, the company’s board of directors amended its recommendation to increase capital via rights issue to SAR 420 million instead of SAR 350 million.

The capital increase is expected to take place in Q3 2021 and will likely hike the offering-related expenses by SAR 900,000.

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