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MedGulf amends rights issue value to raise capital

MedGulf amends rights issue value to raise capital
There will be an increase of SAR 900,000 in the offering’s expenses
MEDGULF
8030
-0.20% 25.45 -0.05

Riyadh – Mubasher: The board of the Mediterranean and Gulf Insurance and MedGulf Reinsurance Company (MedGulf) gave the green light for increasing the rights issue value to SAR 420 million instead of SAR 350 million.

The company aims to raise its capital through the rights issue, which is expected to be completed in the third quarter (Q3) of 2021, according to a bourse filing on Wednesday.

MedGulf said there will be accordingly an increase of SAR 900,000 in the offering’s expenses after this amendment.

Earlier this month, the Saudi Central Bank (SAMA) approved for MedGulf to raise its capital by SAR 350 million through a rights issue.