Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.’s (MEDGULF) shareholders are set to vote on a 12.5% capital cut to SAR 700 million from SAR 800 million during the extraordinary general assembly meeting to be held on April 22, the company said in a statement on Tadawul.

 

The capital cut will be through writing off 10 million shares, in order to offset accumulated losses.

 

Key Figures of the Capital Reduction

Current Capital

SAR 800 mln

Number of shares

80 mln shares

Reduction (%)

12.5%

New Capital

SAR 700 mln

New number of shares

70 mln shares

Method

Writing off 10 million shares

Reason

Capital restructuring to offset accumulated losses

Date

April 23, 2021

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