Medgulf: 82.15% coverage of Rights Issue, remaining shares to be offered Tuesday

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) is pleased to announce the results of the Rights Issue Trading and New Shares Subscription, as well as the details of the Unsubscribed Shares sale.

“A number of (28,752,213) shares were subscribed from the new offered shares out of total number of (35,000,000) new shares.” The company said.

The value of the subscribed shares is SAR 345,026,556 and the the coverage percentage out of total new offered shares (%) is 82.15 %.

Rump Shares will be offered to a number of institutional investors, provided that those Institutional submit purchase offers for the rump Shares, which shall be allocated to institutional investors by giving priority to the highest bid, the lowest and the lowest (provided that it is not less than the offering price), with shares being allocated on a proportionately basis among those institutional Investors that have tendered offers at the same price.

In the event shares remain unpurchased by institutional investors, then those shares shall be allocated to the underwriter who will purchase them at the offering price

The Rump Offering Period for the unsubscribed shares amounting to (6,247,787) shares, shall start at 10:00 am on Tuesday  30/11/2021 and continue until the following day at 5:00 pm on Wednesday 01/12/2021.