A8030 MEDGULF0.22 (1.13 %)
1443/03/29 Thu Nov 4, 2021 08:50:15
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.

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Introduction The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (Medgulf) is pleased to announces the results of the Extraordinary General Assembly meeting (the first meeting), which was held at 7:30 pm on Wednesday 28/03/1443 AH (according to Umm Al-Qura calendar), corresponding to 11/03 / 2021 AD, by means of modern technology using the Tadawulaty system. as the attendance rate for the first meeting was % 54.74
City and Location of the Extraordinary General Assembly's Meeting Riyadh - Al-Murabba District - King Saud Street (previously Al-Ma'ather)
Date of the Extraordinary General Assembly's Meeting 2021-11-03 Corresponding to 1443-03-28
Time of the Extraordinary General Assembly's Meeting 19:30
Percentage of Attending Shareholders %54.74
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)

Voting Results on the Items of the General Assembly's Meeting Agenda's 1- approved the Board's recommendation to increase the company's capital by offering the right issue shares as follows:

a. The company's capital before the increase: (700,000,000) Saudi riyals.

b. The company's capital after increase: 1,050,000,000 Saudi riyals.

c. The increase ratio will represent 50% of the company's capital.

d. The number of shares before the increase: 70,000,000 ordinary shares.

e. The number of shares after the increase: 105,000,000 ordinary Shares.

f. The reason for increase the capital: To support the expansion of the company's business activities and enhance the margin of solvency.

g. Capital increase method: Offering and listing rights issue shares amounting to 35,000,000 ordinary shares

h. The total amount of the offering: 35,000,000 ordinary shares will be offered with a nominal value of SAR (10) and an offer price of SAR (12) per share by issuing rights shares with a total offering amount of SAR 420,000,000

i. 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.

j. Amendment of Article (8) of the Company's bylaw related to the capital

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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MEDGULF - The Mediterranean & Gulf Insurance & Reinsurance Co. CJSC published this content on 04 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2021 12:54:11 UTC.