Coverage of 82.1% of the “Medgulf” capital increase.

The Mediterranean and Gulf insurance and reinsurance cooperative company “Medgulf” announced the results of the negotiation of priority rights and the subscription of new shares and the details of the sale of the unsubscribed shares.

Medgulf told Tadawul Saudi Arabia today Wednesday that the subscription amounts to approximately 28.75 million shares, on the new shares offered out of the total number of 35 million shares.

Medgulf added that the value of the subscribed shares amounts to approximately 345.03 million riyals, with a coverage ratio of 82.15% of the total new shares offered.

He clarified that the residual offer period of unsubscribed shares, equal to approximately 6.25 million shares, starts from ten in the morning of Tuesday 30 November 2021, and continues until five in the evening of Wednesday, beginning of December 2021.

Such shares will be offered to a number of institutional investors, provided that such investment institutions submit offers to purchase the remaining shares, and the remaining shares will be allotted to investment institutions giving priority to the offer which is higher, then lower, then lower, provided it is not lower than the offer price.

Provided that the shares are distributed proportionally among the institutional investors who have submitted offers at the same price, and where appropriate in shares are not purchased by institutional investors, these shares are assigned to the subscriber who will purchase them at the offer price.

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