Medgulf General Assembly Approves Capital Increase by Offering Right Issue Shares

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) announces the results of the Extraordinary general assembly meeting, which includes increasing the company’s capital (the first meeting) by means of modern technology.

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) announced on Thursday  the results of the Extraordinary General Assembly meeting (the first meeting), which was held on Wednesday 11/03 / 2021 by means of modern technology using the Tadawulaty system as the attendance rate for the first meeting was % 54.74.

Voting Results on the Items of the General Assembly’s Meeting Agenda were as follows

1- approved the Board’s recommendation to increase the company’s capital by offering the right issue shares as follows:

1. The company’s capital before the increase: (700,000,000) Saudi riyals.
2. The company’s capital after increase: 1,050,000,000 Saudi riyals.
3. The increase ratio will represent 50% of the company’s capital.
4. The number of shares before the increase: 70,000,000 ordinary shares.
5. The number of shares after the increase: 105,000,000 ordinary Shares.
6. The reason for increase the capital: To support the expansion of the company’s business activities and enhance the margin of solvency.
7. Capital increase method: Offering and listing rights issue shares amounting to 35,000,000 ordinary shares
8. The total amount of the offering: 35,000,000 ordinary shares will be offered with a nominal value of SR (10) and an offer price of SR (12) per share by issuing rights shares with a total offering amount of SR 420,000,000
9. Eligibility Date: eligible shareholders are those holding shares on the day of convening the Extra-Ordinary General Assembly and who are registered in the shareholders’ registry with the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the eligibility date.
10. Amendment of Article (8) of the Company’s bylaw related to the capital

Names of the Board of Directors’ Members Present at the General Assembly’s Meeting and Names of the Absentees

The following Board members attended the meeting:

1. Mr. Rakan Abdullah Abunayyan (Chairman)
2. Eng. Raad AlBarakati (Vice Chairman(
3. Mr. Mohamed Bin Dawood
4. Mr. Mohamed Al Aloyaidi
5. Mr. Yousef Al Yousfi
6. Mr. Suliman AlObaid
7. Dr. Ahmed Bin-Ahmed

Names of the Chairmen of the Committees Present at the General Assembly’s Meeting or Names of Those Attending on their Behalf

1. Mr. Mohamed Al Aloyaidi (Chairman of Audit Committee)
2. Eng. Raad AlBarakati(Chairman of Executive Committee)
3. Mr. Mohamed Bin Dawood (Chairman of Investment Committee)
4. Mr. Yousef Al Yousfi (Chairman of Remuneration and Nomination Committee).
5. Mr. Suliman AlObaid (Chairman of Risk Committee)
6. Dr. Ahmed Bin-Ahmed (Chairman of Governance Committee)