Logo of Saudi Re
Shareholders of Saudi Re for Cooperative Reinsurance Co. (Saudi Re) approved a capital increase to SAR 891 million from SAR 810 million, through capitalizing SAR 81 million from retained earnings, during the extraordinary general assembly meeting (EGM) held on July 14.
The capital increase will be carried out through 1-for-10 bonus share distribution.
|
Details of Capital Increase |
|
|
Current capital |
SAR 810 mln |
|
Number of shares |
81 mln |
|
Capital hike percentage |
10% (one share for every 10 shares held) |
|
Capital after increase |
SAR 891 mln |
|
Number of shares after increase |
89.1 mln |
|
Record date |
July 14, 2021 (Shareholders registered in the shareholder register in the Securities Depository Center at the close of the second trading day after the date of the EGM |
|
Reasons for the capital increase |
To strengthen capital base and support future activities |
In a separate statement, the Saudi Exchange (Tadawul) announced Saudi Re’s daily trading fluctuation limit will be based on a share price of SAR 18.50.
All outstanding orders will be cancelled. Edaa will deposit the additional shares into the investors’ portfolios by July 26.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}