Logo of MEDGULF
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.’s (MEDGULF) shareholders approved the board of directors’ recommendation to increase capital from SAR 700 million to SAR 1.05 billion through a rights issue worth SAR 420 million, during the extraordinary general assembly meeting (EGM) held on Nov. 3.
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Capital Increase Details |
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Current capital |
SAR 700 mln |
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Number of shares |
70 mln |
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Capital increase% |
50% |
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Capital after increase |
SAR 1.05 bln |
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Number of shares after increase |
105 mln |
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Rights Issue Details |
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Number of shares offered |
35 mln |
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Offer price |
SAR 12 |
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Size of issue |
SAR 420 mln |
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Rights coefficient |
0.5 right per existing share |
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Record date |
Shareholders owning shares by the end of trading on the date of the extraordinary general meeting |
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Uses of offering proceeds |
Fund the company's potential investments |
SAR 377 mln |
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Increasing the statutory deposit |
SAR 36 mln |
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Offering costs |
SAR 7 mln |
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In a separate statement, the Saudi Exchange (Tadawul) announced MEDGULF’s daily trading fluctuation limit after its capital hike will be based on a share price of SAR 19.54.
All outstanding orders will be cancelled.
The Securities Depository Center (Edaa) will deposit the rights into the investor’s portfolios by Monday, Nov. 8, the statement said.
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