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31/05/2017 02:15 AST
The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, denied it's considering putting itself up for sale.
MedGulf isn't exploring strategic options that could include a potential sale of the company and hasn't appointed Saudi Fransi Capital to advise on the process, a company spokesman said in an emailed statement on Monday.
Bloomberg reported on Sunday that the company is weighing putting itself up for sale, citing three people familiar with the matter. The report also cited two of the people as saying that MedGulf is working with the investment banking arm of Banque Saudi Fransi to evaluate strategic options.
Some Saudi Arabian insurance companies are examining potential mergers to better compete in a crowded market. There are 35 insurance companies listed on the Saudi stock exchange, according to data compiled by Bloomberg.
MedGulf shares rose 0.8 per cent on Monday, giving the Riyadh-based insurer a market value of about $427 million.
Gulfnews
25/09/2017
The Mediterranean and Gulf Insurance and Reinsurance Co. EGM held on Friday 22/09/2017 has approved the capital reduction. Thus, the fluctuation limits for The Mediterranean and Gulf Insurance and R
Tadawul
29/05/2017
The Mediterranean & Gulf Insurance & Reinsurance Co., a Saudi Arabian insurer known as MedGulf, is weighing putting itself up for sale, according to three people familiar with the matter.
Me
Gulfnews
03/01/2014
A.M. Best Europe - Rating Services Limited has assigned the financial strength rating (FSR) of A (Excellent) and an issuer credit rating (ICR) of "a" to The Mediterranean & Gulf Insurance & Reinsuran
CPI Financial
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| BUPAARABIA | 167.60 | 0.60 (0.35 |
| TAWUNIYA | 136.60 | -1.00 (-0.73 |
| ALRAJHITAKAFUL | 134.40 | 2.40 (1.81 |
| RASAN | 83.80 | 0.00 (0.00 |
| QATI | 1.89 | 0.02 (1.06 |
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
24/04/2025
QNB has launched a new campaign, aimed at rewarding customers to use their QNB Mastercard debit cards for everyday purchases.
The campaign, taking place from April 24-June 24, will offer win
Gulf Times
Financial Information Co.
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