The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) general assembly has approved a 100 percent capital hike to SAR 800 million from SAR 400 million through a rights issue.
The capital hike aims to improve solvency margin and support financial position, the company said in a bourse statement.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Tuesday for MedGulf will be based on a share price of SAR 13.82.
The Securities Depository Center (Edaa) will deposit the bank rights into the investor’s portfolios by Thursday September 13, 2018.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 400 mln |
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Number of shares |
40 mln shares |
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Hike (%) |
100% |
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New Capital |
SAR 800 mln |
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Rights Issue Details |
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Number of rights issue shares |
40 mln shares |
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Issue price/ share |
SAR 10 |
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Issue size |
SAR 400 mln |
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Record date |
Sept. 12, 2018 |
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Use of proceeds |
Proceeds after deducting SAR 10 mln rights issue fees will go towards lifting solvency margin and financing the increase in statutory deposit required by SAMA due to the capital hike. |
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