The Mediterranean Gulf Insurance and Reinsurance Co. (MedGulf) received on Wednesday a bank guarantee worth SAR 122 million from its affiliate MedGulf Bahrain, the company said in a bourse statement.
The Saudi insurer will liquidate the guarantee after Dec. 15, 2017.
The SAR 800,000 remaining from the majority shareholders of MedGulf Bahrain, which is expected to be received tomorrow, September 28, is being transferred to the company, MedGulf added.
Last week, MedGulf said its Bahraini unit’s debt was reduced to SAR 122 million from SAR 163.38 million through settling an existing debt of SAR 40.59 million, Argaam reported.
A request by majority shareholders of MedGulf Bahrain was approved to extend deadline to present to submit a bank guarantee for SAR 122 million.
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