Logo of Saudi Re
Saudi Reinsurance Co.'s (Saudi Re) board of directors recommended today, April 6, a capital increase through a SAR 445.5 million rights issue, according to a bourse filing.
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Capital Hike Details |
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Current capital |
SAR 891 mln |
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Number of shares |
89.1 mln shares |
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Capital hike% |
50% (one share for every two shares) |
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Increase value |
SAR 445.5 mln |
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Capital after increase |
SAR 1.336 bln |
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Number of shares after increase |
133.65 mln shares |
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Purpose of increase |
Strengthening the company’s capital base and supporting its future expansion plans |
The company indicated that the capital increase is pending approval of the Saudi Central Bank (SAMA), Capital Market Authority (CMA) and other regulatory authorities, in addition to the approval of its extraordinary general meeting.
An announcement will be made later when the capital increase request file is submitted to the CMA for approval and when appointing a financial advisor.
The company also stated that eligibility for the rights shares will be to Securities Depository Center Co. (Edaa) registered with thehareholders sat the end of the second trading day following the general assembly meeting.
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