The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF), one of Saudi Arabia’s largest re/insurers, has had a capital increase request approved by the Capital Market Authority.
MEDGULF provides a range of cooperative health, motor, property and other insurance and reinsurance services.
It had initially paid-up roughly $215 million, but will now see that increase by a further $112 million.
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.
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.
