MedGulf pens insurance deal with Binladin International Holding Group
MEDGULF
8030 -1.16% 16.21 -0.19
Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) signed an agreement, on 14 June, to provide health insurance services for Binladin International Holding Group employees and their dependents.
The agreement’s value exceeds 5% of total revenues based on the latest audited financial statements for 2025, according to a bourse disclosure.
The contract holds a one-year tenor starting from 1 July 2026 and is expected to have a positive impact on MedGulf’s profits for 2026.
The insurance firm is scheduled to hold its extraordinary general meeting (EGM) on 29 June, which will focus on a strategic proposal to offset accumulated losses using the company’s share premium.
MedGulf proposes using SAR 224.97 million from its share premium account to fully offset accumulated losses totaling SAR 77.82 million as of 31 March 2026.
Source: Mubasher Source: {{details.article.source}}