Riyadh – Mubasher: Mediterranean and Gulf Cooperative Insurance and Reinsurance (Medgulf) on Thursday announced a settlement of Medgulf Bahrain debts, amounting to SAR 163.38 million, by SAR 40.59 million.
Saudi Arabia Medgulf owed this amount to Medgulf Bahrain, and deducted it from the total debt, to reach SAR 122.8 million, according to a bourse statement.
The board of directors agreed on the request of the majority shareholders of Medgulf Bahrain to extend the deadline for submitting an accredited, unconditional, and realisable bank security to 28 September, Medgulf added.
Source:
Mubasher