Logo of Saudi Re for Cooperative Reinsurance Co.

Saudi Re for Cooperative Reinsurance Co.’s (Saudi Re) board of directors recommended today, March 30, 2021, a capital increase to SAR 891 million from SAR 810 million, through capitalizing SAR 81 million from retained earnings. The capital increase will be carried out through 1-for-10 bonus share distribution.

 

Details of Capital Increase

Current capital

SAR 810 mln

Number of shares

81 mln

Capital hike percentage

10% (one share for every 10 shares held)

Capital after increase

SAR 891 mln

Number of shares after increase

89.1 mln

Record date

Shareholders owning shares at the end of the day of the company's general assembly meeting, which will be announced later, and who are registered in the shareholder register in the Securities Depository Center at the close of the second trading day after the date of the general assembly meeting

Reasons for the capital increase

To strengthen capital base and support future activities
 

The dividend is subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).

 

In the case of any bonus shares having fractions will be collected into one investment portfolio and will be then sold at market price within 30 days from the date of determining the allotment of new shares to each shareholder.

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