RIYADH: Saudi Arabia’s Capital Market Authority (CMA) approved The Mediterranean and Gulf Insurance and Reinsurance Company (Medgulf) request to increase its capital through a SR420 million ($112 million ) rights issue, it said in a statement on Thursday.
The offering price and the number of shares offered for subscription will be determined by the company after market closing of the same day in which the extraordinary general assembly meeting is to be held.
The rights issue prospectus will be posted and made available to the public at a later time, the statement said.
The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the company’s board of directors at a later date.
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