Riyadh (Saudi Arabia): The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) and SNB Capital Company, the Financial Advisor, Lead Manager and Underwriter, announced today the results of subscription to its Medgulf’s rights issue and the offer of unsubscribed shares.
The company noted that, out of the total 35,000,000 new shares offered, (28,752,213) million shares were subscribed, accounting for 82.15%percent. The remaining unsubscribed shares will be offered to institutional investors to submit their bids to purchase the new shares.
Shares will be allocated to the highest bids (on condition they are not less than offer price). Allocation will be carried out pro rata to investment institutions that offer the same bids. In case of unpurchased shares, they will be allocated to the underwriter that will purchase them at offer price.
The company announced that remaining unsubscribed shares, which amount to (6,247,787) shares, will be offered to institutional investors from 10:00 AM on 25/04/1443H (corresponding to 30/11/2021G) to 5:00 PM on 26/04/1443H (corresponding to 01/12/2021G).
During the subscription period, which began on the 15th of November 2021G, the company offered 30 million shares at an offer price of 12 Saudi riyals with a nominal value of 10 Saudi riyals per share, to increase share capital by 50% to 1,050 Saudi riyals from 700 million Saudi riyals
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About MEDGULF
MEDGULF is a Saudi Joint Stock Company incorporated pursuant to Council of Ministers Resolution No. 233 dated 09/10/2006. The company provides integrated and innovative insurance solutions to a wide range of industries in the Kingdom of Saudi Arabia.
MEDGULF has built a prominent position in the insurance world; and given the growth of its business in a short period of time, it has become the fourth largest insurer operating in the Kingdom of Saudi Arabia.
A major player in the insurance industry of Saudi Arabia, MEDGULF offers a broad range of products via three business divisions: health, motor, and general insurance. Health insurance is the largest business division, representing 72% of gross premiums as on December 31, 2020, followed by motor insurance (17%) and general insurance (11%).
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