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Medgulf to double capital to SAR 800m

Medgulf to double capital to SAR 800m
The insurer will increase its capital by 100% to SAR 800 million
MEDGULF
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Riyadh – Mubasher: The board of the Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf) recommended doubling the company’s capital through the tradable rights.

The insurer will increase its capital by 100% to SAR 800 million from SAR 400 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The Tadawul-listed firm aims to boost its solvency margin, in addition to improving its future activity.

Medgulf is waiting to receive the approval from official bodies and the company's extraordinary general meeting for its capital hike.

The Saudi Arabian Monetary Authority (SAMA) previously banned Medgulf from issuing or renewing vehicle insurance policy and obliged the company to raise its capital, which may negatively affect its financial performance.