MEDGULF increases its share capital

Mediterranean and Gulf Insurance and Reinsurance (MEDGULF) has received the approval of the Saudi Central Bank (SAMA) and the Capital Markets Authority (CMA) for a 50% share capital increase.

The transaction involves the issuance of 35 million new shares with a par value of 10 SAR (2.6 USD) each and an offering price of 12 SAR (3.1 USD). The share capital will thus rise from 700 million SAR (186.406 million USD) to 1.05 billion SAR (279.61 million USD).

The company will hold an extraordinary general meeting on 3 November 2021 to discuss the details of the offer.