Riyadh – Mubasher: The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MedGulf) has successfully eliminated its accumulated losses, reducing them to 0% of its capital.
The financial restructuring follows an extraordinary general meeting held on 29 June 2026, where shareholders approved the use of the company’s share premium to offset its debt, according to a bourse disclosure.
The insurer utilized SAR 77.82 million from its total share premium of SAR 224.97 million to extinguish the entirety of its accumulated losses, which stood at SAR 77.82 million as of 31 March 2026.
Prior to this adjustment, the losses represented 5.60% of the company's SAR 1.38 billion capital. Following the transaction, the remaining share premium balance is SAR 147.15 million.
The company confirmed that all necessary regulatory procedures were completed to reflect the change in its financial position.
Total shareholders' equity remained unchanged at SAR 1.61 billion after the internal accounting transfer. This move aligns with the board of directors' recommendation issued on 3 May, aimed at improving the company’s financial profile.
