Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) on Sunday announced its approval of Mediterranean and Gulf Cooperative Insurance and Reinsurance’s (Medgulf) capital reduction to SAR 400 million instead of SAR 1 billion.

The procedures of the other regulatory authorities will be implemented by Medgulf, as well as the application of the relevant regulations, the SAMA added.

On Wednesday, 23 August, Medgulf’s board of directors authorised the extraordinary general meeting (EGM) to reduce its capital by SAR 600 million to cover accumulated losses.