The Mediterranean Gulf Insurance and Reinsurance Co.’s (MedGulf) board of directors decided on Sunday to extend until September 20, 2017 the deadline granted to its Bahrain affiliate, MedGulf Bahrain, to submit a bank guarantee for SAR 163.38 million.

 

The decision came after the Bahraini company failed to repay the debt to MedGulf Saudi Arabia within the first deadline which was June 30, 2017, the company said in a statement on Tadawul.

 

The Saudi Insurer then decided to extend the deadline to allow majority shareholders of MedGulf Bahrain to submit an unconditional and irrefutable bank guarantee covering the full amount.

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