MedGulf says business not up for sale

30/05/2017 Argaam

Tadawul-listed Mediterranean & Gulf Insurance & Reinsurance Co. (MedGulf) has denied media reports that it’s planning to sell its business, the company said in a bourse statement Tuesday.

 

On Monday, Bloomberg cited unnamed sources as saying that the Saudi insurance firm was considering putting itself or its assets up for sale.

 

According to data compiled by Argaam, Mediterranean & Gulf Insurance Co. owns a 40.5 percent stake in Medgulf, while Saudi Investment Bank owns 19 percent.

 

In March, the insurer’s board of directors recommended increasing capital through a SAR 400 million rights issue to boost the firm’s solvency margin and support future activities.

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