MEDGULF: Trading period for priority rights and subscription for new shares on 15/11

The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) announced the period for rights issue trading and new shares subscription.

It said that right issues and new shares subscription period start date will be at 2021-11-15.

The right issues trading period end date will be at 021-11-22.

Holders of right Issues are allowed to exercise their right to subscribe in new shares (in full or in part) up to the number of right issues available in their portfolios. Trading the rights issue and subscription to the new shares for registered shareholders and new investors shall be as per the prospectus.

With regard to the details of the Rump Offering Shares, the Company would like to draw the attention of the investors that in the event shares remain unsubscribed, those rump shares and fractional shares will be offered to Institutional Investors as mentioned in the Prospectus, and the underwriter SNB Capital Company undertook to underwrite the Rights Issue shares of The Mediterranean and Gulf Insurance and Reinsurance Co. in the event the entire subscription is not fully covered.

“We would like to bring to the attention of Investors not willing to subscribe in the rights issue the importance of selling the rights issue they hold during the specified trading period to avoid the decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.” the company said.