Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) on 17 December 2020 submitted a request to the Capital Market Authority (CMA) for a SAR 100 million capital reduction.

The Saudi insurer noted it will announce further details in due course, according to a bourse statement on Sunday.

In October, the company’s board recommended reducing the company’s capital by 12.5% then increasing it via a rights issue. The current capital amounts to SAR 800 million and is set to be cut to SAR 700 million through the cancellation of 10 million shares.

Meanwhile, it suggested increasing the capital by SAR 350 million to enhance the solvency margin and support the company’s expansions operations.