Riyadh – Mubasher: The Mediterranean and Gulf Insurance and Reinsurance Company (MedGulf) will hold an Extraordinary General Assembly Meeting on 29 June 2026, which will focus on a strategic proposal to offset accumulated losses using the company’s share premium, according to a bourse disclosure.

The shareholders will also consider the ratification of several high-value related party transactions and the approval of financial reports for the 2025 fiscal year.

A significant item on the agenda is the board’s recommendation to utilize a portion of the company’s share premium to improve its financial position. Specifically, MedGulf proposes using SAR 224.97 million from its share premium account to fully offset accumulated losses totaling SAR 77.82 million, as identified in the interim financial statements for the period ended on 31 March 2026. This move is intended to reset the company’s retained earnings and strengthen its balance sheet.

Shareholders will also be asked to review and vote on the board’s report and the financial statements for the 2025 fiscal year. The agenda also includes the appointment of external auditors to examine and audit the financial statements for the second (Q2), third (Q3), and fourth quarters (Q4) of 2026, the full 2026 fiscal year, and Q1-27.

Furthermore, the assembly will vote on the discharge of board members from liability for the 2025 fiscal year and the payment of SAR 2.68 million in board remuneration.

A substantial portion of the assembly will be dedicated to voting on various contracts and transactions involving related parties. These include insurance policies and service agreements with entities such as the Saudi Investment Bank (SAIB), Zain Saudi Arabia, Qassim Cement Company, and several firms associated with Chairman Yasser Naghi and Vice Chairman Rakan Abu Nayyan.

Notable transactions include insurance policies with SAIB valued at 4.25 million and claims management fees with Waseel for Electronic Information Transport Company totaling SAR 2.17 million. The board has clarified that all such agreements were conducted without preferential conditions.