Saudi Arabia’s Capital Market Authority (CMA) has approved the Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) request to reduce capital by SAR 600 million to SAR 400 million to narrow its accumulated losses, the regulator said in a statement.
After the reduction, the number of shares will reduce to 40 million shares from 100 million.
The cut is still subject to the general assembly’s approval, as well as completing other procedures.
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