Riyadh – Mubasher: The Saudi Central Bank (SAMA) gave the green light for the Mediterranean and Gulf Insurance and MedGulf Reinsurance Company (MedGulf) to increase its capital by SAR 350 million through a rights issue.

The new capital will stand at SAR 1.05 billion, compared to SAR 700 million prior to the raise, according to a bourse filing on Monday.

Last April, MedGulf’s shareholders approved a capital reduction of SAR 100 million to SAR 700 million, after it had submitted a capital cut request to the Capital Market Authority (CMA) in December 2020.