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Saudi Fransi Capital denies MedGulf consultancy

Saudi Fransi Capital denies MedGulf consultancy
MedGulf also denied the rumors regarding selling assets
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Riyadh - Mubashr: Saudi Fransi Capital has negated that it was appointed by Mediterranean & Gulf Insurance and Reinsurance Company (MedGulf) as a consultant for offering some of its assets for sale.

It was reported that MedGulf is in negotiations with Saudi Fransi Capital to offer strategic options regarding selling assets.

The company previously denied news that it was considering selling its business.

Selling assets is not among our strategic options, MedGulf said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Last Sunday, Bloomberg reported citing unnamed sources as saying that the Saudi-listed insurer was considering putting itself up for sale and that it had appointed Saudi Fransi Capital to evaluate its strategic options.