The General Assembly of “Medgulf” approves an increase in capital to 1.38 billion riyals

The Board of Directors of the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company announced "Medgulf" The results of the extraordinary general assembly meeting including the increase in the company’s capital (the second meeting), which was held last Thursday.

The company said in a statement on its website "Saudi Arabia trading"The results of the vote on the assembly’s agenda included: Approval of increasing the capital of Medgulf Company from 1.050 billion riyals to 1.381 billion riyals, an increase of 31.58% in the current capital.

The increase will be through the issuance of 33,157,894 ordinary shares, at a rate of (1.10526313333333) shares in Medgulf Company for every share in Borouge Company, in accordance with the provisions of Article (225) and Articles (227) to (229) of the Companies Law and the provisions of subparagraph (1) of Paragraph (A) of Article (49) of the Merger and Acquisition Regulations in accordance with the terms and conditions of the merger agreement, including approval of the following matters related to the merger deal:

‌a) Provisions of the merger agreement concluded between the company and Burouge Insurance Company Cooperative Affairs dated 01/02/1447 AH (corresponding to 07/26/2025 AD), and to be effective upon the effective date of the merger.

‌b) Increasing the capital of Medgulf Company from 1.050 billion riyals, to 1.381 billion riyals, in accordance with the terms and conditions of the merger agreement, and to be effective upon the effective date of the merger

‌c) Amending Article (8) of the Articles of Association relating to capital and that it shall be effective upon the entry into force of the merger.

‌d) Amending Article (15) of the Articles of Association relating to the management of the company, and that it shall be effective upon the issuance of the merger decision of the Company and Borouge Company.

‌e) In accordance with the merger agreement, and on the condition of obtaining Subject to the Insurance Authority’s non-objection, the appointment of Borouge Company’s candidates, namely Yasser Yousef Mohammed Naghi and Ziad Bassam Mohammed Al Bassam, to the new seats on the company’s Board of Directors, and this shall be effective upon the issuance of the merger decision of the Company and Borouge Company.

‌f) Authorizing the Board of Directors of Medgulf Company, or any person authorized by the Board of Directors, to issue any decision or take any action that may be necessary to implement any of The above decisions.

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