Tadawul sets fluctuation limit for Saudi Re after capital cut

Saudi Re for Cooperative Reinsurance Company's (Saudi Re) fluctuation limit after capital reduction will be based on a share price of SAR 9.20, the Saudi Stock Exchange (Tadawul) said in a statement on Tuesday.

The reinsurer’s shares will be suspended for two business days, starting, Tuesday, until the Securities Depository Center (Edaa) reflects the capital cut on shareholders’ portfolios.

On Monday, shareholders approved the reduction of company capital by 19 percent to SAR 810 million from SAR 1 billion at the extraordinary general meeting by cancelling 19 million shares.

The capital reduction aims to extinguish accumulated losses and support future growth.