Saudi Re receives SAMA approval for capital hike to SAR 891 mln through 10% bonus shares

14/04/2021 Argaam

Logo of Saudi Re

Saudi Re for Cooperative Reinsurance Co. announced that it received on April 13, 2021, the Saudi Central Bank’s (SAMA) no objection to increase the company's capital to SAR 891 million from SAR 810 million, through 1-for-10 bonus share distribution.

 

The company will announce any future developments in this regard, it said in a statement to Tadawul.

 

In March, Saudi Re’s board of directors recommended a capital increase, through capitalizing SAR 81 million from retained earnings, in order to strengthen capital base and support future activities, Argaam reported.

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