MedGulf’s rights issue 87% subscribed

The Mediterranean and Gulf Insurance and Reinsurance Co.’s (MedGulf) rights issue was 87.35 percent complete, the insurer said in a bourse filing.

Investors injected SAR 349.41 million, after subscribing to 34.94 million shares, out of the total offered shares reaching 40 million.

The remaining shares amounting to 5.06 million will be offered to institutional investors pro-rata during the period Oct. 3-4, 2018.

The insurer launched the rights issue on Sept. 17 to double its capital to SAR 800 million, Argaam reported.

The rights issue was extended until Sept. 25, with the subscription period running until Sept. 30, as the Saudi bourse was closed on Sep. 23 and 24 on celebrating the National Day holiday.

MedGulf’s rights were originally tradable until Sept. 24, and the subscription period closed on Sept. 30.