SAMA approves MedGulf’s capital hike

Through a rights issue

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

Traders work at the Alistithmar Capital in Riyadh July 8, 2008.

REUTERS/Fahad Shadeed
Riyadh – Mubasher: The Saudi Central Bank (SAMA) gave the green light for the Mediterranean and Gulf Insurance and MedGulf Reinsurance Company (MedGulf) to increase its capital by SAR 350 million through a rights issue.

The new capital will stand at SAR 1.05 billion, compared to SAR 700 million prior to the raise, according to a bourse filing on Monday.

Last April, MedGulf’s shareholders approved a capital reduction of SAR 100 million to SAR 700 million, after it had submitted a capital cut request to the Capital Market Authority (CMA) in December 2020.

Source: Mubasher

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