Saudi Re, PIF extend MoU for new cash share subscription by 6 months

Logo of The Saudi Reinsurance Co. (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) agreed today, Dec. 25, with the Public Investment Fund (PIF) to extend the memorandum of understanding (MoU) they previously signed for subscription to new cash shares for addition six months starting Jan. 7, 2024.

This MoU will be extended under the same terms and conditions, according to a statement to Tadawul.

The extension is intended to provide sufficient time to complete the procedures stipulated in the MoU and is necessary for the finalization of agreements related to the potential deal, including obtaining all necessary approvals, the statement added.

The company expected to complete the required paperwork, including the signing of the subscription agreement, during the extension period.

Last October, Saudi Re signed a non-binding MoU with the PIF, under which the fund will subscribe to new cash shares in the former by way of capital increase while suspending the preemptive rights of the current shareholders, according to data available on Argaam.