The Mediterranean and Gulf Insurance & Reinsurance Co. (MedGulf) on Tuesday received a no-objection letter from the Saudi Arabian Monetary Authority (SAMA) on its proposed capital increase.

 

MedGulf will complete any other regulatory approvals and processes in due course, the insurer said in a bourse statement.

In February, the firm’s board of directors recommended a 100 percent capital increase to SAR 800 million from SAR 400 million to help improve solvency and support its business, Argaam previously reported.

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