Mediterranean and gulf cooperative insurance and reinsurance co appoints Abdulrahman bin Mohamed al Zuwaidi as CEO
The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) will begin its rights issue today, Sept. 17, to raise its capital to SAR 800 million from SAR 400 million.
The rights will be tradable until Sept. 24, and subscription period will run until Sept. 27.
The rights issue will be the third to take place under the Saudi Stock Exchange’s (Tadawul) new mechanism for tradable rights, after Malath Cooperative Insurance Co. and Bank Aljazira.
The insurer is offering 40 million regular shares at SAR 10 per share.
On Sept. 10, the company’s general assembly approved a 100 percent capital hike to SAR 800 million from SAR 400 million through a rights issue, Argaam reported earlier.