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| 16 August, 2018

Saudi CMA approves MedGulf capital hike

The increase will be limited to the shareholders who are registered in the shareholders registry

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser
Riyadh - Mubasher: The Capital Markets Authority of Saudi Arabia (CMA) has approved the request of Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) to increase its capital through a SAR 400 million rights issue.

The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the company’s board of directors at a later date, according to a statement published by the Saudi Stock Exchange (Tadawul).

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The offering price and the number of shares offered for subscription will be determined by the company after market closing of the same day in which the extraordinary general assembly meeting is to be held.

Source: Mubasher

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