Coverage of the residual offer from the subscription of the “Medgulf” capital increase 834%

The Mediterranean and Gulf co-operative insurance and reinsurance company “Medgulf” announced the results of the remaining offer and allocation of rights shares and the coverage ratio at the end of the remaining offer period reached 834%.

And “Medgulf” declared in a statement in “Tadawul Saudi”, today, Sunday, that the number of shares sold was approximately 6.248 million shares.

He added that the total amount of proceeds from the sale of the unsubscribed shares is approximately 98.6 million riyals, with an average selling price of 15.78 riyals per share.

The net amount of compensation attributable to holders of priority rights and fractional shares is approximately 23.63 million riyals and the date of deposit of the shares in the shareholders’ accounts is December 9, 2021.

The remaining offer period of unsubscribed shares, equal to approximately 6.25 million shares, started from ten in the morning of Tuesday 30 November 2021, until five in the evening of Wednesday, beginning of December 2021.

Medgulf recently announced the results of the negotiation of priority rights and the subscription of new shares and the details of the process of selling the unsubscribed shares, subscribing approximately 28.75 million new shares out of a total 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.

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