Saudi Re shareholders to vote on capital cut this Wednesday

Shareholders of Saudi Re for Cooperative Reinsurance Co. will be able to vote on the agenda of the upcoming extraordinary general assembly meeting this Wednesday through Tadawulaty website, the company said in a statement.

Electronic voting will be available to shareholders until the meeting day on Monday, Jan. 1, 2018 at 4:00 pm Riyadh time.

The agenda includes a recommended capital cut of 19 percent to SAR 810 million from SAR 1 billion, in order to offset accumulated losses, and support future growth.

The process will not have an impact on Saudi Re’s liabilities.

Saudi Re obtained approval from the Capital Market Authority (CMA) for the reduction last month.

Shareholders will also vote on the related party transaction to take place with Probitas Corporate Capital Ltd, which is owned by Probitas Holdings Bermuda Ltd., a 49 percent-owned affiliate of Saudi Re.

Moreover, the assembly will decide on amending some articles of the company’s bylaws.