Riyadh – Mubasher: The shareholders of the Mediterranean and Gulf Insurance and MedGulf Reinsurance Company’s (MedGulf) gave the green light for reducing the capital by SAR 100 million to SAR 700 million.
The reduction amount represents 12.5% of the capital, according to a bourse filing on Sunday.
MedGulf plans to restructure the capital to offset its accumulated losses, by cancelling 10 million shares or one share for every eight shares.
The company’s capital will be distributed over 70 million shares after the capital cut.
Earlier today, Saudi Tadawul Group announced the fluctuation limit for MedGulf’s stock.
