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.

  

Key Figures of the Capital Hike

Current Capital

SAR 400 mln

Number of shares

40 mln shares

Hike (%)

100%

New Capital

SAR 800 mln

Rights Issue Details

Number of rights issue shares

40 mln shares

Issue price/ share

SAR 10

Issue size

SAR 400 mln

Record date

Sept. 12, 2018

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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