| Element List | Explanation |
|---|---|
| Introduction | With reference to the Company’s announcement published on the Tadawul website on 15/01/1448 (corresponding to 30/06/2026) regarding the results of the Extraordinary General Assembly meeting, which included the approval to utilize a portion of the share premium amounting to SAR 224,974 thousand to offset the accumulated losses amounting to SAR 77,823 thousand as at 31/03/2026, the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) announces that its accumulated losses have been reduced to 0% of the Company's share capital. |
| Date of accumulated losses decrease | 2026-06-29 Corresponding to 1448-01-14 |
| Amount of the Accumulated Losses | 0 |
| Percentage of the Accumulated Losses out of the Capital (%) | 0 % |
| Measures Taken by the Company to Decrease Accumulated Losses | The Company has undertaken the necessary regulatory procedures, including obtaining the approval of the Extraordinary General Assembly to utilize a portion of the share premium to fully offset the accumulated losses, in accordance with the applicable laws and regulations. As a result, the Company's accumulated losses have been reduced to 0% of its share capital. |
| The external auditor’s report clarifying the financial position of the company | The external auditor’s report clarifying the financial position of the company |
| Additional Information | Not Applicable |
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) Announces the Decrease of its Accumulated Losses to 0 % of the Capital
AI Summary
- The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) has reduced its accumulated losses to 0% of its share capital as of June 29, 2026.
- The company utilized SAR 224,974 thousand from its share premium account to fully offset accumulated losses totaling SAR 77,823 thousand.
- The loss reduction follows approval from the Extraordinary General Assembly held on June 29, 2026, in accordance with applicable laws and regulations.
