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Saudi Edaa to cut Medgulf’s capital in investors’ portfolios Wednesday

Saudi Edaa to cut Medgulf’s capital in investors’ portfolios Wednesday
Saudi Edaa to cut Medgulf’s capital in investors’ portfolios Wednesday
MEDGULF
8030
77.59% 23.62 10.32

Riyadh – Mubasher: The Saudi Securities Depository Center (Edaa) said it will start reducing the capital of the MedGulf Insurance and Reinsurance Cooperative Company (MedGulf) in the investors’ portfolios, effective Wednesday, 27 September, according to a bourse filing.

On 25 September, the insurance firm’s extraordinary general meeting (EGM) approved to decrease the capital by 60% to SAR 400 million from SAR 1 billion.

The Saudi Stock Exchange (Tadawul) stated that the fluctuation rate of MedGulf’s stock is based on a price of SAR 31.60.

Tadawul suspended trading activities on MedGulf’s stock since 25 September.