IA approves Saudi Re’s capital increase via bonus shares

09:05 AM (Mecca time) Argaam
Logo ofSaudi Reinsurance Co. (Saudi Re)

Logo of Saudi Reinsurance Co. (Saudi Re)

Saudi Reinsurance Co. (Saudi Re) announced that it received on May 4 the Insurance Authority's approval on the company’s capital increase from SAR 1.16 billion to SAR 1.7 billion through the capitalization of SAR 539.8 million from retained earnings.

 
 

In a statement on Tadawul, the company said that approval is valid for one year, provided all requirements of other relevant regulatory authorities are fulfilled.

 

The insurer said it will disclose future material developments.

 

In March, Saudi Re’s board of directors recommended a capital increase by 46.6%, from SAR 1.15 billion to SAR 1.69 billion, by issuing 51.48 million bonus shares, at four shares for every nine existing shares, data compiled with Argaam showed.

 

An additional 2.5 million shares were to be allocated to the company’s long-term employee incentive plan.

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