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MedGulf’s CEO resigns; successor to be named later

MedGulf’s CEO resigns; successor to be named later
MedGulf would double its capital to SAR 800 million, from SAR 400 million through a rights issue shares
MEDGULF
8030
-0.15% 13.30 -0.02

Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company’s (MedGulf) board of directors on Monday has approved the resignation of incumbent CEO Abdulrahman Al-Zwaidi, effective on 4 November.

MedGulf also stated that it will appoint another CEO in the coming period after obtaining the Saudi Arabian Monetary Authority’s (SAMA) approval, according to a statement to the Saudi Stock Exchange (Tadawul)  on Tuesday.

In September, the Saudi insurance firm noted that it would double its capital to SAR 800 million, from SAR 400 million through a rights issue shares in a bid to improve its solvency and to support its financial position.

By 12:26 pm Saudi time, MedGulf’s stock rose 2.80% to reach SAR 14.70.