The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) received on Tuesday a bank guarantee worth SAR 122 million from Bank Muscat (Saudi branch) and the full amount was deposited in its account, the insurer said in a statement.

 

Financial impact will likely show on the company’s statement, it said, adding that it will also boost its cash balance and reducing its receivables by an equal amount.

 

There will be no financial impact on the company’s income statement, MedGulf added.

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