Saudi Re shareholders approve capital increase to SAR 891 mln via 10% bonus shares

15/07/2021 Argaam

Logo of Saudi Re


Shareholders of Saudi Re for Cooperative Reinsurance Co. (Saudi Re) approved a capital increase to SAR 891 million from SAR 810 million, through capitalizing SAR 81 million from retained earnings, during the extraordinary general assembly meeting (EGM) held on July 14.

 

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

July 14, 2021 (Shareholders registered in the shareholder register in the Securities Depository Center at the close of the second trading day after the date of the EGM

Reasons for the capital increase

To strengthen capital base and support future activities

 

In a separate statement, the Saudi Exchange (Tadawul) announced Saudi Re’s daily trading fluctuation limit will be based on a share price of SAR 18.50.

 

All outstanding orders will be cancelled. Edaa will deposit the additional shares into the investors’ portfolios by July 26.

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