Logo of Saudi Re for Cooperative Reinsurance Co.
Saudi Re for Cooperative Reinsurance Co.’s (Saudi Re) board of directors recommended today, March 30, 2021, a capital increase to SAR 891 million from SAR 810 million, through capitalizing SAR 81 million from retained earnings. The capital increase will be carried out through 1-for-10 bonus share distribution.
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Details of Capital Increase |
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Current capital |
SAR 810 mln |
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Number of shares |
81 mln |
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Capital hike percentage |
10% (one share for every 10 shares held) |
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Capital after increase |
SAR 891 mln |
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Number of shares after increase |
89.1 mln |
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Record date |
Shareholders owning shares at the end of the day of the company's general assembly meeting, which will be announced later, and who are registered in the shareholder register in the Securities Depository Center at the close of the second trading day after the date of the general assembly meeting |
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Reasons for the capital increase |
To strengthen capital base and support future activities |
The dividend is subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).
In the case of any bonus shares having fractions will be collected into one investment portfolio and will be then sold at market price within 30 days from the date of determining the allotment of new shares to each shareholder.
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