Saudi Arabia-based regional insurer the Mediterranean and Gulf Insurance and Reinsurance Company (MEDGULF) has issued a prospectus for a planned 50% capital increase.
The company plans to increase its capital to one billion and fifty million (1,050,000,000) Saudi riyals from seven hundred million (700,000,000) riyals, by offering 35 million new ordinary shares through a rights issue at an offer price of 12 Saudi riyals, and a nominal value of ten riyals per share.
MEDGULF says the capital increase is aimed at boosting solvency and leveraging business expansion opportunities.
