Saudi Re deposits proceeds from fractional shares sale

Saudi Re for Cooperative Reinsurance Co. (Saudi Re) completed, on Aug. 23, depositing around SAR 341,237.60 proceeds from the sale of fractional shares in the accounts of eligible shareholders, according to a bourse statement.

The company sold 18,248 shares at an average price of SAR 18.7 each.

In July, the company's shareholders approved 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.