MEDGULF Eliminates Accumulated Losses
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The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) announced on Sunday that its accumulated losses have been reduced to 0% of capital.
In a Tadawul filing, the company said it completed the required regulatory procedures, including obtaining Extraordinary General Assembly approval to use part of its share premium account to fully eliminate accumulated losses in accordance with the applicable laws and regulations. As a result, the company's accumulated losses have been reduced to zero.
Original source: Maaal
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