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  • 19-12-19

    MedGulf uses SAR 120 million out of total SAR 146.14 million statutory reserves

    (MENAFN) Using SAR 120 million out of the total SAR 146.14 million statutory reserves to partially make up for accumulated losses was accepted by the board of directors of the Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MedGulf).


    A bourse filing on Wednesday said the Saudi insurer plans to decrease its accumulated losses from SAR 253.03 million, or 31.63 percent of the capital, to SAR 133.03 million, 16.63 percent of the whole capital.


    As said by the statement, the resolution will be submitted to the general assembly for approval, and added updates will be stated in due course.

    MENAFN1912201900450000ID1099446538

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