MedGulf shares to resume trading today

15/04/2018 Argaam

 

Shares of The Mediterranean and Gulf Insurance and Reinsurance Co. (MedGulf) will resume trading from Sunday, April 15, the Saudi Stock Exchange (Tadawul) said in a statement.

 

The insurer had been suspended from trading since April 1, 2018, since it was unable to publish its 2017 financial results on time.

 

Last Thursday, the company reported a net loss of SAR 388 million for fiscal year 2017, compared to a net profit of SAR 67.6 million in the year earlier, due to a 57 percent decline in net underwriting result.

 

In February, MedGulf recommended a SAR 400 million capital increase through a rights issue, to help improve solvency and bolster business.

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