KSA - MEDGULF seeks regulatory approval on capital cut
Saturday, 12 26 2020, Category: Insurance and Reinsurance, Country: Saudi Arabia
The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) applied on Dec. 17, 2020, for the approval of the Capital Market Authority (CMA) on the capital decrease, the insurer said in a bourse filing.
The insurer obtained, on Dec. 9, the Saudi Central Bank’s (SAMA) approval for its planned SAR 100 million capital cut.
Relevant updates will be duly revealed, the statement added.
In October, the insurer’s board of directors recommended a capital cut by 12.5% from SAR 800 million to SAR 700 million to offset the accumulated losses. The board also proposed a capital increase by SAR 350 million via a rights issue following the capital reduction, Argaam reported.