Saudi Re calls EGM on Oct. 9 to vote on 46.6% capital hike

Saudi Re seeks to increase capital to SAR 1.69 bln

Shareholders of Saudi Reinsurance Co. (Saudi Re) will vote on the board’s proposal to raise the company’s capital by 46.6%, during the extraordinary general meeting (EGM) scheduled for Oct. 9, according to a statement to Tadawul.

The company said any fractional shares will be compiled into a single portfolio for all shareholders and sold at market price.

The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days from determining the new shares eligible for each shareholder.

Shareholders will also vote on the employee stock incentive program (long-term incentives), which was approved by the board on Nov. 17, 2024. The plan grants the board full authority to allocate shares to employees, manage the program, and make any amendments at its discretion.